Overview
- Lenders including BlackRock’s private-credit arm and HPS Investment Partners filed an August lawsuit claiming more than $500 million is owed.
- The filing alleges Bankim Brahmbhatt used fabricated accounts receivable as collateral, with emails from fake domains impersonating telecom customers and assets allegedly shifted offshore.
- Brahmbhatt and his telecom firms entered bankruptcy on August 12 under Chapter 11, and his lawyer has denied the fraud allegations.
- People familiar with the matter told WSJ that BNP Paribas helped finance the loans, reportedly funding close to half of certain exposures held in two HPS credit funds.
- Following the latest reporting, Brahmbhatt’s social media accounts disappeared, his Garden City office appeared vacant, and HPS expressed concern he may have gone to India, according to people familiar.