A massive loan fraud case involving Indian-origin industrialist Bankim Brahmbhatt has surfaced in the United States, drawing comparisons to the high-profile financial scandals involving Nirav Modi and Vijay Mallya.

The Wall Street Journal (WSJ) reported that Brahmbhatt, the owner of Broadband Telecom and BridgeVoice, allegedly defrauded American lenders of around $500 million through fictitious customers and fake invoices.

The report said HPS Investment Partners, the private credit arm of BlackRock, and several other lenders claim to have fallen victim to the large-scale fraud. The funds were allegedly secured by using fabricated customer data and invoices as collateral, with portions of the money reportedly transferred to countries including India and Mauritius.

In August 2025, BlackRo

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