Who did it

Founder : Agha Hassan Abedi

CEO: Swaleh Naqvi
Non-executive director: Khalid bin mehfouz
BCCI was created with capital from:
1) Sheikh zayad
2) Bank of America

Auditors :Price Waterhouse, Ernst & young, Deloitte

 Bank was managed by Hassan Abedi and CEO Naqvi
248 managers reported to them
Its officers committed fraud on massive scale to avoid
detection
In 1990 price water house revealed losses hundreds and
million of dollar
Audit also confirmed that BCCI secretly owned first
American bank
Bank approached sheikh zayad for increased shared
holding of 78%
How?

Guardian Alleged that bcci is using cash from depositors to

fund operating expenses Rather than making investment
this created shortage of cash.

By 1980, Bcci was reported to have assets over 4 Billion

and by 1991 it had 470 offices in 70 countries

Bcci published results show ever rising profits,

By late 1970s bank faced alarming level of bad debts due
to reckless lending
Final outcome

On 5 July 1991 bcci was shut down by regulators in 5

countries
Around a million of depositors affected by this action
On Nov 15 , Abedi & Naqvi were indicted on federal
charges that it had illegally bought control of another
American bank, independence bank of losAngles

Bcci liquidators, pleaded guilty to all criminal charges

against the bank in united states
Bcci paid 10 million in fines and forfeited 550 million of
assets, the money was used to repay losses to first
American and independence and make reinstitution to bcci
depositors