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Businessman flees US, assets frozen in India & Singapore
6 Nov
Summary
- Founder accused of $500mn private credit fraud and fleeing US.
- Assets frozen in India and Singapore, totaling $243 million.
- Allegations include fabricating documents and shielding gains.
Bankim Brahmbhatt, the founder of bankrupt telecommunications firms Broadband Telecom and Bridgevoice, faces frozen assets in India and Singapore. He is accused of orchestrating a fraudulent scheme involving over $500 million in private credit loans. The businessman allegedly fled the US and transferred company shares to associates.
In recent legal actions, Singapore's High Court issued a $243 million freezing order, while India's Gujarat High Court approved a worldwide freezing injunction. These orders target assets Brahmbhatt allegedly diverted to entities in Mauritius and the UAE. US court proceedings have labeled the actions a "breathtaking and protracted fraud."
Brahmbhatt, who previously lived in New York, is understood to have relocated to India. Investigations revealed transfers of ownership in his companies, Bankai Singapore and Bankai Infotech, to associates and his son. Legal representatives are pursuing all parties involved in the alleged misconduct across multiple jurisdictions.
