Khaberni - The private credit unit of Black Rock, the world's largest asset manager, was subjected to a massive financial fraud exceeding half a billion dollars, which is considered one of the most dangerous and largest fraud operations witnessed by the global private credit sector in recent years.
The main suspect and his fraudulent scheme
According to media reports, the Indian businessman Bankim Brahmbhatt orchestrated a sophisticated and complex fraud through his company specialized in telecommunications financing, "Karyox Capital". The plan involved presenting fake assets and guarantees to obtain huge loans from global financial institutions.
The mechanism of fraud
The company used forged receivables as collateral to secure hundreds of millions of dollars in loans from major financial institutions, including Black Rock's private credit arm and BNP Paribas bank, and the fraud was concealed for years through fictitious payments and circular transactions.
Exposure of the scheme
Contradictions emerged during routine verification processes, and by August 2025, "Karyox Capital" and its associated borrowers officially declared bankruptcy. Shortly thereafter, Brahmbhatt declared personal bankruptcy, leading to the complete collapse of the fraudulent system.
Details of the financing
Brahmbhatt's projects began receiving loans from Black Rock's affiliate HPS in 2020, expanding to 385 million dollars in 2021, then to 430 million dollars in 2024.
Discovering the forgery
The case began after discovering discrepancies in email addresses associated with "Karyox" clients, revealing messages from fake domains impersonating real telecommunications companies.
