A US-based telecom entrepreneur of Indian origin, Bankim Brahmbhatt, has been accused of running a massive loan fraud worth over $500 million, according to a report by The Wall Street Journal (WSJ).

ALLEGATIONS OF FAKE REVENUE AND INFLATED LOANS

Brahmbhatt, who owns Broadband Telecom and Bridgevoice, allegedly created fake customer accounts and receivables to obtain large loans from American lenders. Among those lenders is HPS Investment Partners, an investment firm backed by BlackRock, one of the world’s largest asset managers.

The WSJ report said that lenders filed a lawsuit in August, claiming Brahmbhatt misled them by pledging non-existent revenue streams as collateral for loans. His firms are now in Chapter 11 bankruptcy, collectively owing more than half a billion dollars.

The l

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