I came here with the intent of moving this thread to Sports Talk.
I've read a fair bit about the BCCI (Bank of Credit and Commerce International). Apart from being the brain child of Agha Hasan Abedi ; who, incidentally, also set the foundations of the universities of FAST (NUCES), GIKI and UBL Bank; it was the seventh largest private bank in the World in its hey-day. And one of the fastest expanding banks of its time with a significant presence in emerging markets and financial centres of the world.
Abedi was clever enough to see the potential of oil-money so he ensured that his bank had the backing of Middle-Eastern petro-dollar rich stakeholders. I have little doubt this strategy helped propel his bank to the top echelons of the banking sector so rapidly. He had the foresight to strike while the iron was red hot and eventually reaped the rewards.
BCCI probably has a story as sinister and a fall from grace as spectacular as "Enron". There are various theories as to what brought about BCCI's sudden downfall. There's a long list of accusations including the bank's involvement in money-laundering schemes, drug and arms trade, Nuclear proliferation, Palestinian conflict and so on.
The claims would be true but that's akin to saying Swiss banks are clean of drug and financial embezzlement money or that every other bank is innocent of committing financial irregularities.
In fact, the hue and cry that surrounded the BCCI controversy just goes to show the hypocritical nature of corporate institutions. HSBC was convicted of the same crimes a couple of years back but were let go scot-free by simply paying a meagre fine.
These double-standards help fuel the fire of conspiracy theorists. Many are of the opinion that it became a victim of politics because it was already rivalling the likes of established banks including Citi and Lehmann Brothers. Some consider that being a symbol of the Muslim world and its role in fueling the Palestinian struggle, the Jew-dominated financial sector used its influence to bring it down to the ground.
And the theories just keep on coming.
Ever seen this logo? No? That's how far deep this bank fell.
What I do know is that no other Middle-Eastern/Pakistani bank has ever managed to reach the level of the BCCI.
Abedi was a genius! Although the jury is open as to whether it was evil or virtuous.
