We are pleased to share that Igor Zaks, CFA, President of Tenzor Ltd., was recently quoted by The Wall Street Journal in its in-depth investigation into one of the most striking private credit fraud cases in recent memory: “How Fake Invoices Duped BlackRock Unit Into a $400 Million Loan.”
The article details how HPS Investment Partners, acquired by BlackRock in July 2024, extended over $400 million in credit to telecom entrepreneur Bankim Brahmbhatt, collateralized against accounts receivable. The fraud — built on fabricated invoices, fake email domains, and forged customer confirmations — persisted for years despite third-party audits, unraveling only when an analyst spotted a mismatched email domain. Brahmbhatt’s companies subsequently filed for bankruptcy, and U.S. federal prosecutors have opened an investigation.
As Igor noted in response to the coverage: “Happy to be quoted by The Wall Street Journal about the Carriox Global/HPS situation. These are preventable cases, and proper due diligence — which we advocate for — makes all the difference.” At Tenzor, we have long advocated for verification frameworks that go beyond document review — emphasizing independent counterparty confirmation and technology-assisted anomaly detection that can catch what conventional processes miss.
Read the original WSJ article: “How Fake Invoices Duped BlackRock Unit Into a $400 Million Loan”