Courts Freeze Assets of Fintech Founder Bankim Brahmbhatt in USD 500M Fraud
Courts in India and Singapore freeze assets of fintech founder Bankim Brahmbhatt over a USD 500 million fraud, as a London court targets British hedge fund Man Group in a Kuwaiti pension bribery scandal.
Courts in India and Singapore have frozen the assets of Bankim Brahmbhatt, founder of U.S.-based telecom and fintech group Bankai, following allegations of a USD 500 million lender fraud involving forged customer debt documents.
Financial Fraud and Legal Fallout
Brahmbhatt’s New York-based companies, Broadband Telecom and Bridgevoice, secured over USD 500 million in loans from private credit lenders, including HPS Investment Partners, an arm of BlackRock. The loans were backed by accounts receivable, but in July 2025, HPS funds filed a lawsuit in Delaware alleging that the supporting documents were fabricated. Following bankruptcy filings by the companies and Brahmbhatt, the Singapore High Court issued a temporary injunction restricting Brahmbhatt from moving USD 243 million out of the country.
British Pension Fund Corruption Scandal
Meanwhile, a London court ruling has exposed a massive international corruption scandal involving British hedge fund giant Man Group. Justice Richard Jacobs ruled that Man Group could be ordered to pay roughly USD 155 million over the liability of two former subsidiaries in a bribery scheme tied to the Public Institution for Social Security (PIFSS) in Kuwait. The scheme, orchestrated over decades by former PIFSS head Fahad Al-Rajaan, involved systematic kickbacks from financial institutions seeking business with the fund. Man Group shares dropped sharply on the London Stock Exchange following the ruling, and the firm is currently reviewing its appeal options.
