Bankim Brahmbhatt, the Indian-origin owner of US-based telecom firms Broadband Telecom and Bridgevoice, is facing allegations of orchestrating a multimillion-dollar fraud scheme, according to a report by . American lenders, including BlackRock’s HPS Investment Partners, allege that Brahmbhatt fabricated accounts receivable that were used to secure over $500 million in loans. Advertisement

The reported that the lenders filed a lawsuit in August, accusing Brahmbhatt of misleading them by pledging fictitious revenue streams as collateral. His companies, now in Chapter 11 bankruptcy, allegedly owe more than half a billion dollars.

The financing was supported by BNP Paribas, which helped HPS fund the loans to Brahmbhatt’s firms, the report said. HPS began lending to one of his financing a

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