If irony had a name, it would fittingly be Bankim Brahmbhatt, Bankai Group’s President and CEO.

Educated under the Gujarat Technical Education Board, he has grown into a leading figure in global telecommunications.

In a span of just a few days, his life has seen extreme shades of light and darkness. On one hand, he has been recognised on Capacity Media’s prestigious Power 100 List. On the other, he is facing a lawsuit allegedly for systematic fraud. Brahmbhatt is the founder of the US based Bankai group.

Bankai Group is involved in Telecom and Fintech space since 1989, with 1100 multi-ethnic Work Force and 20 Global Offices. They terminate billions of voice minutes and messages globally over 180 direct operator networks annually. Also, 150 global customers use their solutions like including Converged Billing Solution, Revenue and Fraud Management Solutions, SMS Firewall, VAS, Switching Solutions and others.

According to reports, BlackRock’s private-credit investing division and a group of lenders have gone legal to recover over USD 500 million from Brahmbhatt’s companies. They have reportedly claimed that they were victims of fraud involving telecom-services companies owned by Brahmbhatt.

The report added that the lenders filed a lawsuit in August against Brahmbhatt, who owns Broadband Telecom and Bridgevoice. They have accused him of creating phony accounts receivable that were used as collateral for loans.

“Brahmbhatt created an elaborate balance sheet of assets that existed only on paper,” lawyers representing the lenders wrote.

Further, they accused Brahmbhatt of transferring assets, originally meant to be pledged as collateral, to offshore accounts in India and Mauritius.

Vibes of India understands that Brahmbhatt has already denied the fraud allegations through his attorney.

A certain section of the media reported that leading bank BNP Paribas backed BlackRock’s HPS Investment Partners’ decision to finance loans for Brahmbhatt’s telecom companies.

Meanwhile, according to sources with knowledge of the matter, it is also being reported that BNP Paribas had allegedly assisted BlackRock’s HPS Investment Partners in getting this loan to Brahmbhatt’s companies.

The media has highlighted that the lawsuit at the centre of the dispute reportedly stemmed from an HPS employee discovering irregularities in several email addresses believed to be connected to Carriox customers.

The official filing reportedly stated that lenders had identified messages coming from fake domains designed to mimic legitimate telecom companies. A review of earlier correspondence revealed a similar pattern.

Initially, Brahmbhatt is said to have dismissed HPS’s concerns, assuring them there was no cause for alarm. Then he allegedly stopped responding to their calls altogether.

How fortunes have nosedived for a man who made Gujarat proud.

In an interview to asiainc500.com, he had spoken about his Gujarat roots, “Gandhinagar wasn’t just where I was born—it’s where I was built. I remember dusty streets, temple bells, the scent of home-cooked food, and the simplicity of life that taught me values far beyond books. My childhood was shaped not by abundance, but by gratitude. My mother, in particular, was my first teacher, philosopher, and guide. She didn’t just raise me—she infused me with a sense of responsibility, empathy, and resilience.

“She would often say, ‘Bada banna hai to sabse pehle achha insaan bano.’ (if you want to become great, first become a good human being.) Her humility and moral compass are still the foundation on which I’ve built everything.”

The spirit of the explorer is evident all through his remarkable journey. To the media outlet, he had said that even as a young boy, he was keen on solving problems.

He sold transistors, repaired broken radios, and helped neighbours with errands, not for money, but for the joy of creating and contributing.

Growing up, he read about Dhirubhai Ambani in a Gujarati magazine. The great man’s journey from Yemen to becoming one of India’s greatest industrialists left a deep and lasting impression on him.

Under Brahmbhatt’s continued leadership, Bankai Group was poised to lead the charge in groundbreaking initiatives. They empower businesses worldwide by offering cutting-edge connectivity and next-generation digital transformation solutions

The owner meanwhile is facing the biggest challenge of his career – to salvage his reputation and that of his businesses.

This article was first published on Vibes of India.

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