AT THIS STAGE, it’s not known whether Carriox Capital’s money disappeared or whether it’s locked up under HPS Investment Partners’ lien. The bankruptcy filings show that Carriox’s assets — primarily receivables and cash accounts — are fully pledged as collateral to HPS for a $552.6 million secured loan. That means the funds may still exist, but they’re under HPS’s control, unavailable to Carriox or its carriers and contractors. What did disappear is Carriox’s website, which is now a placeholder.
New York-based Carriox Capital II LLC and its related companies — once presented as agile financing vehicles in telecom receivables — are now buried in Chapter 11 bankruptcy filings that reveal a staggering $552 million secured debt and almost no remaining assets.
According to court documents filed in the U.S. Bankruptcy Court for the Eastern District of New York, HPS Investment Partners, LLC is a secured creditor for $552,652,421, with collateral valued at the same amount.
Alter Domus (US) LLC appears as the collateral agent, consistent with its administrative role under the HPS facility. No other secured creditors are listed in the bankruptcy filing.
Court filings identify several affiliated entities — Bridgevoice Inc.; Carriox TowerCap; and BB Servicer, LLC — as co-debtors on obligations to HPS, confirming that the debt stretches across the Carriox network.
A $552 Million Hole — and a Fraud Lawsuit Behind It
Bankim Brahmbhatt began his career as a telecom engineer, founded Bankai Group in 1989, and, for decades, was celebrated as a global telecom entrepreneur, featured in major industry interviews and rankings such as the Capacity Power 100. He later expanded into fintech and cryptocurrency ventures, including partnerships exploring blockchain-based payment and settlement platforms. He is now at the center of a fraud-allegation lawsuit and a series of bankruptcy filings tied to his affiliated companies.
Carriox’s bankruptcy follows a lawsuit filed in August 2025 in New York Supreme Court by Alter Domus against Bankim Brahmbhatt, the chief executive officer of Bankai Group and owner of Carriox, Bridgevoice, and Broadband Telecom.
The complaint alleges that Brahmbhatt and his companies fabricated telecom receivables used as collateral for more than $500 million in loans, citing forged contracts, counterfeit emails, and false invoices purportedly issued to global carriers such as T-Mobile, Telstra, BICS, Telecom Italia Sparkle, and Taiwan Mobile.
When lenders attempted to verify those receivables, the scheme allegedly unraveled, revealing that many of the invoices were fictitious and that funds were diverted offshore. Separate Delaware Chancery Court filings froze the group’s assets and prohibited transfers above $5,000 without lender consent.
These actions triggered a chain reaction: within days, Brahmbhatt and his affiliated companies each filed for Chapter 11 protection in New York.
Missing Filings and a Ticking Clock
So far, Carriox has failed to file its required financial schedules and statements, including detailed asset, debt, and creditor lists. If those documents aren’t submitted within the next few days, the bankruptcy judge could dismiss the case altogether — stripping Carriox of bankruptcy protection and allowing HPS to begin direct collection actions.
What It Means for the Industry
While Carriox’s original marketing described it as a source of fast cash for contractors with the following statement, “Carriox Capital is a factoring company providing account receivable financing to carriers, cell tower companies, telecom operators and subcontractors,” court evidence suggests its actual factoring business may have centered on overseas wholesale telecom receivables rather than domestic construction invoices, making it unclear whether any U.S. contractors or carriers will suffer direct losses.
Still, the collapse underscores how opaque financing networks can ripple through the broader communications ecosystem. When entities backed by major institutional lenders — in this case, HPS Investment Partners and its parent BlackRock — go under, questions arise about how due diligence failed and who ultimately bears the risk.
BlackRock acquired HPS Investment Partners in a $12 billion all-stock deal in 2024, adding another layer of exposure to telecom infrastructure finance. BlackRock already holds stakes in Phoenix Tower International, American Tower Corporation, and Gigapower, its joint venture with AT&T.
Crestline Connection Adds to Carriox’s Financial Mystery
Carriox TeleCap’s website, states that the company is “backed by Crestline Investors,” a Fort Worth–based alternative investment firm that manages more than $17 billion in assets. However, no public filings or press releases confirm any connection between Crestline and Carriox or its affiliates. The claim may not be accurate, and Crestline Investors declined to comment to clarify its role or verify the statement made on Carriox TeleCap’s website. That claim adds another layer of opacity to the financing network surrounding the bankrupt Carriox entities.
A Familiar Warning
Carriox’s collapse, even if centered abroad, echoes a familiar warning for smaller telecom businesses: when intermediaries fail, trust collapses with them. Contractors and service providers that rely on third-party financing — whether for equipment, receivables, or carrier projects — remain exposed to risks they can’t see on paper.
The case highlights a growing vulnerability in telecom finance: vast pools of institutional money chasing yield in a complex supply chain where one bad receivable can cascade into hundreds of millions in losses.
