US prosecutors are investigating a group of telecoms companies after BlackRock’s private credit unit HPS Investment Partners said it lent them hundreds of millions of dollars against receivables that appear to be fake.
The Department of Justice is examining entities linked to Bankim Brahmbhatt, a low-profile executive behind a clutch of companies that borrowed large sums from one of the biggest names in private credit, according to two people with knowledge of the matter.
Funds managed by HPS, which BlackRock bought this year, lent more than $400mn to companies connected to Brahmbhatt. The collateral securing these loans included money that the companies linked to Brahmbhatt said they were due to receive from major telecoms groups.
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