SHOCKING:
BlackRock Rocked by $500 Million Scam! ๐ฅ Global asset management leader BlackRock has lost over $500 million (1.87 billion riyals) in a massive financial fraud, allegedly orchestrated by Indian-origin CEO Bankim Brahmbhatt.
He supposedly fabricated contracts, invoices, and receivables, tricking investors and auditors into releasing huge payments. ๐ฐ
Brahmbhatt's companies presented these fake documents to BlackRock, which led to massive fund releases. He then transferred the money to India and Mauritius, filed for US bankruptcy, closed his New York offices, and disappeared. ๐ฅ
Experts describe this as one of the most "breathtaking" frauds in financial history, highlighting weaknesses in top institutions' due diligence and risk management.
๐ The case has shaken investor confidence and is under international investigation, with regulators tracing the missing funds..
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