BlackRock’s private-credit arm was defrauded of over $500 million by an Indian named Bankim Brahmbhatt.
Brahmbhatt ran a telecom-financing firm named Carriox Capital and fabricated customer contracts and invoices from major telecom companies such as T-Mobile, Telstra, and Telecom Italia Sparkle, even faking email domains to make the fake receivables appear legitimate.
These falsified assets were then used as collateral for huge loans from BlackRock and BNP Paribas.
When the deception was discovered, the borrower companies and their financing arm filed for bankruptcy in August 2025, followed shortly by Brahmbhatt's own personal bankruptcy.
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