India, Nov. 1 -- Bankim Brahmbhatt, an Indian-origin man is accused of carrying out a fraud - describe as "breathtaking" - that has reportedly left American multinational investment company BlackRock's private-credit investing arm and other lenders trying to recover hundreds of millions of dollars - more than $500 million to be precise.

The allegations of fraud have been disputed by Bankim Brahmbhatt, owner of a little-known telecom-services companies, who lenders have accused of fabricating accounts receivable that were supposed to be used as loan collateral, according to a Wall Street Journal report.

Bankim Brahmbhatt is the owner of Broadband Telecom and Bridgevoice, a pair of little-known companies in the global telecom-services sec...