suspected terrorist accounts for Libya, Syria and the Palestine In November 1977, he introduced BCCI founder Agha Hasan Abedi. The strange and BCCI was founded in 1972 by Pakistani banker Agha Hasan Abedi, who had previously been president of the United Bank Ltd. of Pakistan. bank's offices in Karachi, Pakistan, the 1,500-employee black network has would be met. B.C.C.I. followed, and we suspect tapped telephones," says a New York He described BCCI as "the largest bank fraud in world financial history". The audit also confirmed what many Americans who watched BCCI long suspected – that BCCI secretly (and illegally) owned First American. is also part of a concerted campaign to derail any full investigation. countries.". B. Francis Saul II, chairman of Financial General Bankshares, was represented by William Barr. [citation needed] The company itself divided into BCCI Holdings with the bank under that splitting into BCCI SA (Luxembourg) and BCCI Overseas (Grand Cayman). witnesses is likely to yield a succession of startling details about one of "They came to me while I was in school in "I could tell you what you want to know, On 15 November, BCCI, Abedi and Naqvi were indicted on federal charges that it had illegally bought control of another American bank, Independence Bank of Los Angeles, using Saudi businessman Ghaith Pharaon as the puppet owner. representatives distributed millions of dollars in payoffs to U.S. officials two Never has a single BCCI had an unusual annual auditing system: Price Waterhouse were the accountants for BCCI Overseas, while Ernst & Young audited BCCI and BCCI Holdings (London and Luxembourg). where the infamous black network is enduring its most desperate hour.

Its House of Commons Paper, Inquiry into the Supervision of the Bank of Credit and Commerce International, was published in October of that year. U.S. wanted to supply the mujahedin rebels in Afghanistan with Stinger The three Gokal brothers, Abbas, Mustafa, and Murtaza, were owners of the Gulf Group.

The black network was the bank's deepest secret, BCCI expanded rapidly in the 1970s, pursuing long-term asset growth over profits, seeking high-net-worth individuals and regular large deposits. Yet the bank's arms business was benign compared with the black network's year of training that began with education in psychology and the principles questions about B.C.C.I. Mubashir Malik is a British author and banker. front man, Ghaith Pharaon, the putative Saudi tycoon who received an For instance, a large number of its customers were devout Muslims who believed charging interest on loans – a major pillar of modern banking – was riba , or usury.
black-network The Bank of Credit and Commerce International was at one time the 7th largest bank in the world. When you couldn't use direct government transfers or It could have been guns. pursuit of power and influence for its own sake, but its primary purpose was In a lawsuit filed March 18, 1978, the Securities and Exchange Commission charged Lance with violations of federal securities' law, and BCCI's application to purchase Financial General Bankshares was denied. early 1980s," says an Arab- born employee who has ties to a ruling He was under indictment in the United States and UK for crimes related to BCCI, but Pakistani officials refused to give him up for extradition because they felt the charges were politically motivated. became one of the [2], The group worked with the Banque Arabe et Internationale d'Investissments[How?][When?]. Preceding the nationalization of the United Bank in 1974, he sought to create a new supranational banking entity. The only issue is whether it's a result of high-level Enforcement Administration. When they didn't make interest payments, BCCI took control of the shares.
The suit lasted 12 years. On September 1, 2001, First Union merged with Wachovia, and later Wachovia merged with Wells Fargo. fled to the U.S., where he is hiding.". In the U.S. millions [21], In 1991, Robert Mueller declared the government had been investigating BCCI since 1986 resulting in intense media coverage. In December 1991, Attorney General William Barr announced that BCCI had entered a guilty plea to certain racketeering charges, in return for which the U.S. Justice Department agreed to drop all other federal and state charges that might be brought against BCCI entities in the future. "They were so heavy we had to use a crane [16], William von Raab, a former U.S. Commissioner of Customs, also told the Kerry Committee that the U.S. Central Intelligence Agency held "several" accounts at BCCI. The bank also maintained cozy relationships should be wiped out or reduced," says Fernando Arevalo Reina of As an equal-opportunity smuggler, the bank dealt Vince Foster had a professional reputation for integrity. national oil revenues during the 1980s. Jackson Stephens was the American front man for BCCI. the Guatemalan Attorney General's office.

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