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7h ago

Lenders Led by BlackRock’s HPS Pursue $500 Million Tied to Alleged Receivables Fraud

Investigators say fake customer emails and invoices exposed verification gaps in asset-based private credit.

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Overview

  • A lawsuit filed in August by lenders led by HPS Investment Partners seeks recovery of more than $500 million from entities linked to Bankim Brahmbhatt.
  • The complaint alleges fabricated accounts receivable and invoices at Broadband Telecom, Bridgevoice and related financing vehicles including Carriox and BB Capital SPV.
  • Brahmbhatt and several companies filed for Chapter 11 on August 12, and he filed personal bankruptcy the same day, according to court records.
  • Probes by CBIZ and Quinn Emanuel cited emails from fake domains and a Belgian telecom firm, BICS, calling the presented correspondence a confirmed fraud attempt.
  • BNP Paribas helped finance the loans and later added €190 million in provisions for a specific credit situation, while lenders report offices found vacant and allege assets were shifted to India and Mauritius.