Saturday November 28, 2020

From the archive: BCCI: the biggest bank fraud the world had ever witnessed

Kathleen Barrington tells the story of the rise and fall of the Bank of Credit and Commerce International or, as it is more often known, the great BCCI scam

31st December, 2017
BCCI, which was closed by regulators from several countries in July 1991. The bank’s executives were accused of defrauding depositors of $20 billion, while founder Agha Hasan Abedi was accused of stealing over $2 billion from the personal account of the Sheikh of Abu Dhabi, a man he called his friend Pic: PA

The events unfolding at Robert Maxwell’s companies since his mysterious death last November have tended to eclipse the Bank of Credit and Commerce International scandal in recent weeks. But make no mistake about it, the fraud of which the deceased media magnate has been accused is mere pilfering when compared with the fraud allegedly perpetrated by Agha Hasan Abedi, founder and former president of BCCI. The bank was closed by regulatory authorities from several countries...

Subscribe from just €1 for the first month!

Exclusive offers:

All Digital Access + eReader

Trial

€1

Unlimited Access for 1 Month

Then €19.99 a month after the offer period.

Get basic
*New subscribers only
You can cancel any time.

Annual

€200

€149 For the 1st Year

Unlimited Access for 1 Year

You can cancel any time.

Quarterly

€55

€42

90 Day Pass

You can cancel any time.

2 Yearly

€315

€248

Unlimited Access for 2 Years

This product does not auto-renew

Team Pass

Get a Business Account for you and your team

Related Stories

The party’s Housing spokesperson insists that when Mary Lou McDonald or Gerry Adams rail against the elites, ‘that‘s a populist strategic manoeuvre’

Rachel Lavin | 4 days ago

Facebook is coming under growing pressure about the long-term effects of viewing disturbing material on its content moderators

Róisín Burke | 6 days ago

Declan Ganley has several legal actions on the go, not including the one that RTE recently settled with him over a 2008 programme entitled Citizen Ganley. But his current focus is a case he’s taking against the Irish state to overturn the rules preventing attendance at Mass during Covid-19

Barry J Whyte | 6 days ago