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A US-based entrepreneur of Indian origin has been accused of orchestrating a massive $500 million loan fraud, according to a report by Wall Street Journal .

BlackRock’s private credit arm, HPS Investment Partners, and other American lenders are now trying to recover funds worth $500 million after they have been hit by what they describe as “breathtaking" fraud.

Bankim Brahmbhatt, owner of US-based Broadband Telecom and Bridgevoice, has been accused of falsifying accounts receivable (AR) that were meant to be used as loan collateral, as per the news outlet. Brahmbhatt allegedly created fake customer accounts and receivables to secure multimillion-dollar loans from US lenders.

BlackRock and other lenders filed a lawsuit in August, urging that ventures led by Bra

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