The private credit unit of BlackRock, the world's largest asset manager, fell victim to a massive financial fraud exceeding half a billion dollars, considered one of the most serious and largest frauds in the global private credit sector in recent years.
The main suspect and mastermind According to media reports, Indian businessman Bankim Brahmaputra orchestrated a sophisticated and complex fraud scheme through his company specializing in telecommunications financing, "Carlyle Capital".
The fraud mechanism The company used forged claims as collateral to secure hundreds of millions of dollars in loans from major global financial institutions, including BlackRock's private credit arm and "BNP Paribas Bank". The fraud was concealed for years through sham payments and circular transactions.
Unveiling the scheme Discrepancies surfaced during routine verification processes, and by August 2025, "Carlyle Capital" and its associated borrowers officially declared bankruptcy. This was shortly followed by Brahmaputra's personal bankruptcy, leading to the complete collapse of the fraudulent system.
Financing details BlackRock's subsidiary "HPS" began lending to Brahmaputra's projects in 2020, expanding to $385 million in 2021, and then $430 million in 2024.
Discovery of the forgery The case began after irregularities were discovered in email addresses linked to "Carlyle"'s clients. It was found that messages used fake domains impersonating real telecommunications companies.
