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Massive fraud case: BlackRock loses $500 million to telecom companies!
BlackRock is suing two telecom companies for $500 million in fraud. New insights into false securities and insolvency.
Massive fraud case: BlackRock loses $500 million to telecom companies!
On November 2, 2025, asset manager BlackRock is involved in a massive fraud case that allegedly resulted in hundreds of millions of dollars in losses. Affected are two little-known telecommunications companies that are accused of creating false collateral for loans. BlackRock's private credit investment arm, HPS Investment Partners, along with other lenders, is trying to recover the lost funds.
The lawsuit, filed in August, claims the two companies are owed more than $500 million. Bankim Brahmbhatt, the owner of the companies, is said to have used fake claims as collateral. The allegations are based on irregularities discovered in July, including fake email domains that resemble real telecommunications customers.
Details about the scam
A visit to the companies' offices in New York revealed that they were closed. An investigation reveals that all email addresses submitted over a two-year period were fake and that the fraudulent contracts dated back to 2018. Brahmbhatt is also accused of transferring assets to offshore accounts in India and Mauritius.
Almost half of the loan was financed by BNP Paribas. In August Brahmbhatt had to file for bankruptcy; his companies and their financing arms were also declared bankrupt, with Brahmbhatt initiating his personal bankruptcy proceedings on August 12. According to reports, Brahmbhatt is currently in India.
Consequences for BlackRock
Despite the large sum involved, HPS believes the loss represents only a small fraction of HPS's $179 billion in assets under management. A source close to BlackRock clarified that this incident will not have a material impact on the funds' returns. Brahmbhatt strongly denies the fraud allegations and maintains his innocence in the matter.
The allegations highlight the risk factors in the area of asset-based financing, where sources of income are used as collateral. This situation has far-reaching implications for the entire industry and confidence in future financing models.
As the investigation continues, it remains to be seen how BlackRock and the other lenders involved will enforce their claims and to what extent the incidents will affect confidence in the telecommunications sector.
Daily Hodl reports that close monitoring of the situation is necessary to prevent future fraud and protect the financial interests of investors.