NRI PULSE STAFF REPORT
New York City, NY, October 31, 2025: Bankim Brahmbhatt, the president and CEO of the New York-based Bankai Group, is at the center of a massive loan fraud scandal that has shaken the U.S. private credit industry. Brahmbhatt and his affiliated companies are accused of using fabricated invoices and fake customer accounts to secure more than $500 million in loans from major lenders, including HPS Investment Partners, part of BlackRock’s private-credit arm, according to a Wall Street Journal report.
Brahmbhatt’s companies — including Broadband Telecom Inc., BridgeVoice Inc., and Panamax Inc. — allegedly pledged nonexistent accounts receivable as collateral for large asset-based loans. Lenders claim that the companies forged contracts and even created fake email domains mimicking real telecom firms to deceive auditors and investors. When auditors attempted to verify customer details, they found that all listed email addresses led back to domains controlled by the borrower, the Journal reported.
The network of companies tied to Brahmbhatt filed for Chapter 11 bankruptcy in August 2025, the same day Brahmbhatt himself reportedly filed for personal bankruptcy protection. Creditors now allege that funds and pledged assets were diverted offshore, possibly to India and Mauritius, complicating recovery efforts.
While the case remains in civil court, the scale of the alleged fraud — described by The Wall Street Journal as “breathtaking” — has sparked broader scrutiny of the private credit market, where loans are secured against company receivables that can be difficult to independently verify.
According to the Times of India, lenders say Brahmbhatt has stopped answering calls and is currently unaccounted for. However, there is no official confirmation that he has fled the United States. His attorney has reportedly denied the allegations.
A graduate in Electronics and Communication from the Gujarat Technical Education Board, Brahmbhatt began his professional journey in India in the late 1980s, manufacturing push-button telephones and satellite receiver units. In 1989, he founded what would become the Bankai Group, headquartered in Garden City, New York, expanding from telecom equipment manufacturing into international voice, messaging, and fintech services through subsidiaries such as Panamax Inc., BridgeVoice Inc., and Broadband Telecom Inc. Brahmbhatt gained industry recognition for his leadership and was featured on telecom trade lists such as Capacity’s Power 100, which highlighted influential figures in the carrier business. His public image, until recently, was that of a visionary business leader connecting global communications and digital finance.
The case has drawn comparisons to past financial scandals involving fabricated assets and underscores the risks in opaque corners of the global lending industry. The outcome of the ongoing litigation could determine whether the lenders recover any of the hundreds of millions of dollars now in question.
Cover photo credit: Bankim/prnewswire/Bankai Group.
