New York: An Indian-origin telecom entrepreneur, Bankim Brahmbhatt, has been accused of orchestrating a “breathtaking” $500 million loan fraud that has rocked the private credit market and ensnared investors linked to BlackRock-acquired HPS Investment Partners, according to a Hindustan Times report.

Brahmbhatt, who runs the Bankai Group, owns two global telecom services firms—Broadband Telecom and Bridgevoice—which allegedly stood at the centre of a complex web of financing deals involving shell entities like Carriox Capital and BB Capital SPV. Lenders have accused him of using fake invoices and fabricated customer receivables as collateral to raise hundreds of millions in loans. ADVERTISEMENT

The main investor in these loans is HPS Investment Partners, which was recently acquired by a

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