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Story summary
- BlackRock, the New York City–headquartered asset manager, expanded into private lending by acquiring HPS Investment Partners last July.
- After the acquisition, HPS Investment Partners analysts found discrepancies in a $400 million credit agreement with telecom entrepreneur Bankim Brahmbhatt, noting mismatched invoice emails.
- Brahmbhatt traveled to India and ceased communication.
- HPS filed a lawsuit against Bankim Brahmbhatt alleging fraud through fake emails and invoices that rendered the collateral worthless.
