BCCI: Pakistan's International Bank

[T-Faz]

The Bank of Credit and Commerce International (BCCI), a major international bank founded in 1972 by Agha Hasan Abedi (creator of UBL), a Pakistani financier. Registered in Luxembourg, with its head office in London and main operations running in Karachi, Abedi with his large number of Pakistanis in the field of international banking led the bank to become a global juggernaut with almost 80 per cent of the BCCI's top executive positions at the head office and in branches in various countries were held by Pakistanis.

BCCI had an interesting structure. It was an elaborate corporate tangle, with BCCI's founder, Agha Hasan Abedi and his assistant, Swaleh Naqvi, in the center. This convoluted structure was an essential component to its amazing growth – and guaranteed its eventual collapse. The structure was conceived of by Abedi for the specific purpose of evading regulation or control by governments.

ISI had a large hand in developing and running the bank and used it for financing amongst many things Nuclear armament of pakistan, financing mujahideen and other such endeavors around the world. From CIA to Abu Nidal, all and everyone had an account with BCCI and it become the 7th largest bank on the world.

Unfortunately its amazing growth, coupled with its links with terrorist and nuclear armament caused it to be shut down by an american committee led by John Kerry. The final nail in the coffin came when BCCI acquired an american bank and the americans were not happy with a Pakistani Conglomerate running worldwide finance.

BCCI, AQ Khan and many other pakistani ventures made the west suspicious of Pakistani's and they were kept away from higher tier banking, science and other institutions.

Just like today when pakistani financiers are not allowed to buy stock in US and many other wester countries, hindering progress and development.

Head Office in Pakistan Karachi



Conference Hall in Karachi

​

It was shut down in 1990. Abedi died in Karachi in 1995.

 

[Awesome]

Abedi is still known in the financial circles as a total genius. He laid the foundations for UBL then moved on to BCCI and fulfilled its purpose too.

There was a movie recently about some bank, which has its fingers in everything. I think it was largely inspired from this story.

 

[dabong1]

There was a documentary about BCCI a while back and it was amazing.
The main person in the programme was Abbas Gokal.

 

[pak-marine]

There was a documentary about BCCI a while back and it was amazing.
The main person in the programme was Abbas Gokal.

abas got out of prison like 2 years back , any videos ?

 

[pak-marine]

it will be interesting to see what went wrong with BCCI , many in our generation dont even know what happened!

 

[T-Faz]

There was a documentary about BCCI a while back and it was amazing.
The main person in the programme was Abbas Gokal.

Where do the Gokal's live now. I remember one of their ships disappeared on its way to gulf once and our neighbors uncle who was on the ship was never heard of again.

 

[black_magic pk]

Abedi is still known in the financial circles as a total genius. He laid the foundations for UBL then moved on to BCCI and fulfilled its purpose too.

There was a movie recently about some bank, which has its fingers in everything. I think it was largely inspired from this story.

the 2009 movie, the international,was amazed about the accomplishments of this bank, i never ever heard about this bank before, it a pity disappointing the fate of this bank, according to the articles, the bank had a rapid prosperity and was counted among the largest banks in the world, BCCI also helped to develop many institutions like FAST and GIK, americans forced the bank to be closed

 

[gubbi]

The same BCCI bank which was forced to shut down. Many here dont know why...here's what wikipedia says. If you are not happy with Wiki's version, scout around on the interwebz, I am sure you will find the same story!

The Bank of Credit and Commerce International (BCCI) was a major international bank founded in 1972 by Agha Hasan Abedi, a Pakistani financier. [1] The Bank was registered in Luxembourg with head offices in Karachi and London. Within a decade BCCI touched its peak. It operated in 78 countries, had over 400 branches, and had assets in excess of US$20 billion, making it the 7th largest private bank in the world by assets.[2][3] It was transformed by Pakistani ISI into "the biggest clandestine money network in history."

The US intelligence agencies used BCCI to funnel drug money to Afghan Mujahideen in their fight against Soviet invasion and to terrorists such as Nicaraguan Contras. After the decline of Soviet Empire when the US no longer needed to fund the Afghan Mujahideen, in the late 1980's BCCI became the target of a two-year undercover operation conducted by the US Customs Service.

nvestigators in the U.S. and the UK revealed that BCCI had been "set up deliberately to avoid centralized regulatory review, and operated extensively in bank secrecy jurisdictions. Its affairs were extraordinarily complex. Its officers were sophisticated international bankers whose apparent objective was to keep their affairs secret, to commit fraud on a massive scale, and to avoid detection."

Lending practices

The Sandstorm report
In March 1991, the Bank of England asked Price Waterhouse to carry out an inquiry. On June 24, 1991, using the code name "Sandstorm" for BCCI, Price Waterhouse submitted the Sandstorm report showing that BCCI had engaged in "widespread fraud and manipulation" that made it difficult, if not impossible, to reconstruct BCCI's financial history.
The Sandstorm report, parts of which were leaked to The Sunday Times, included details of how the Abu Nidal terrorist group had manipulated details and through using fake identities had opened accounts at BCCI's Sloane Street branch, near Harrods in London. Britain's internal security service, MI5, had signed up two sources inside the branch to hand over copies of all documents relating to Abu Nidal's accounts. One source was the Syrian-born branch manager, Ghassan Qassem, the second a young British employee.

A few of the snippets. The bank was closed NOT because it was Pakistani, but because it was involved in FRAUD.

 

[T-Faz]

The same BCCI bank which was forced to shut down. Many here dont know why...here's what wikipedia says. If you are not happy with Wiki's version, scout around on the interwebz, I am sure you will find the same story!

A few of the snippets. The bank was closed NOT because it was Pakistani, but because it was involved in FRAUD.

It was closed down becuase BCCI acquired a couple of American banks through Ghaith Pharoan in a move that would have had great reprecussions for the global banking industry and the process through which the banks were required was illegal.

It is well known as to what the bank was involved in and how dangerous it was but it was just playing the game as it saw being played.

Otherwise known as the 'Bank of Crooks and Criminals' or the 'Black Network'.

Sounds cool doesn't it, international criminal operations, private planes flying from Pakistan with fighter jets to secure the 'items'. Private merchants involved in all kinds of things, pretty girls from Lahore and Karachi available at request.

All while Abedi jets around the world in private plane with Carter helping the poor and needy.

We Pakistani's can be so cool and dangerous.

Have you heard of Mahmud Sipra, the Pakistani who nearly brought London down.

What about Ashfaq Parvez who wanted to corner the silver market in India while his partners do that in US (see Trading Places).

Look up Seth Abid aswell while you are at it.

I must confess, I wrote the original thread emotionally concealing the truth and blaming 'foreign hand'.

But remember, dangerous.

 

[SEAL]

BCCI became world 7th largest bank in just 10 years.

 

[SEAL]

The same BCCI bank which was forced to shut down. Many here dont know why...here's what wikipedia says. If you are not happy with Wiki's version, scout around on the interwebz, I am sure you will find the same story!


A few of the snippets. The bank was closed NOT because it was Pakistani, but because it was involved in FRAUD.

BCCI achievement shocked the western world BCCI did 15 % of the money laundering the world and got shot down for it and Citi Group did 80 % of it and never got touched.

 

[THE MASK]

It was closed down becuase BCCI acquired a couple of American banks through Ghaith Pharoan in a move that would have had great reprecussions for the global banking industry and the process through which the banks were required was illegal.

It is well known as to what the bank was involved in and how dangerous it was but it was just playing the game as it saw being played.

Otherwise known as the 'Bank of Crooks and Criminals' or the 'Black Network'.

Sounds cool doesn't it, international criminal operations, private planes flying from Pakistan with fighter jets to secure the 'items'. Private merchants involved in all kinds of things, pretty girls from Lahore and Karachi available at request.

All while Abedi jets around the world in private plane with Carter helping the poor and needy.

We Pakistani's can be so cool and dangerous.

Have you heard of Mahmud Sipra, the Pakistani who nearly brought London down.

What about Ashfaq Parvez who wanted to corner the silver market in India while his partners do that in US (see Trading Places).

Look up Seth Abid aswell while you are at it.

I must confess, I wrote the original thread emotionally concealing the truth and blaming 'foreign hand'.

But remember, dangerous.

Sir,
please can you tell me more about Agha Hasan Abidi in simple words

thanks in advance!

 

[aks18]

simply awesum yar

 

[aks18]

Sir,
please can you tell me more about Agha Hasan Abidi in simple words

thanks in advance!

Agha Hasan Abedi - Wikipedia, the free encyclopedia

 

[muse]

A great institution, built by a great man -- as time passes, younger PAKISTANI members will begin to realize the central importance of finance in the course of geo-political/strategic events -- and of course it's destruction was also of geo-political and strategic importance -- younger members will enjoy researching how the bank executives, given advice from the ISI, were duped into lending billions to intelligence chiefs from various middle East countries, these funds would not be repaid -- and of course the destruction of the BCCI has gone unpunished, Pakistan's enemies gauged exactly what kind of adversary they were dealing with when Pakistan declined to punish those who destroyed the BCCI.