🚨 BlackRock Hit by $500M Global Fraud Scandal
In one of the most shocking financial frauds of the decade, investment giant BlackRock reportedly lost over $500 million (1.87 billion riyals) after falling victim to a massive scam orchestrated by Bankim Brahmbhat, an Indian national.
Brahmbhat allegedly forged high-value contracts and invoices, making them appear authentic before presenting them to BlackRock for payment. Once the funds were transferred, he swiftly moved the money to India and Mauritius, dissolved his New York office, and even filed for bankruptcy in the U.S. — vanishing without a trace.
This case has sent ripples through the global finance world, raising serious concerns about due diligence and internal risk controls even among the largest investment institutions.