BlackRock Unit Flags Suspected $400 Million Fraud, Triggering U.S. Probe of Telecom Firms [Yahoo! Finance]
BNP PARIBAS SPONS ADR (BNPQY)
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Source: Yahoo! Finance
BlackRock ( BLK Financials ) is at the center of a widening fraud probe after its private credi t affiliate, HPS Investment Partners, alleged that more than $400 million in loans it extended to a group of telecom firms were backed by fake receivables. The Financial Times reported Monday that U.S. prosecutors have opened an investigation into entities tied to Bankim Brahmbhatt, whose companies borrowed heavily from HPS. Warning! GuruFocus has detected 4 Warning Signs with BLK. Is BLK fairly valued? Test your thesis with our free DCF calculator. According to the report, HPS began lending to firms associated with Brahmbhatt in 2020, relying on receivables the companies claimed were owed by major telecom operators. In a Delaware court filing earlier this year, HPS accused the borrowers of fabricating documentation in what it called an extraordinarily brazen and widespread fraud. The inquiry is being led by the U.S. Attorney's Office for the Eastern District of New York. A source
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