BCCI and White Collar Crime

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Bank of Credit and Commerce International (BCCI) was considered to be the major industrial bank that was set up in Pakistan in the year 1972. Agha H. Abedi taking capital from Sheikh Zayed bin Sultan, emir of Abu Dhabi founded BCCI with a mission to have mystic banking facility…

Introduction

But, success was not the only step for BCCI's fate. Price Waterhouse was asked to carry inquiry in March, 1991. It was 24th June, 1991 when they submitted the Sandstorm Report to Bank of England stating that BCCI had engaged in fraud case.
Main capital base to BCCI were virtual oil-rich Arab leaders who acted to be the investor but, in reality they were working as nominees. Bank since its beginning attracted people to deposit their funds by pretending that they have more capital which in reality was not true. It used to use the deposits in order to meet the expenses. Even it forced its own shareholders to participate in this drama. Major actions that resulted into frauds by BCCI were enlisted by New York District Attorney. According to them the important points are:
Middle East personalities included their names and funds to BCCI as an investor which in effect turned to be flaw because their funding was based on guaranteed no-risk return instead of actual sponsor at risk.
After getting the request from Bank of England, Price Waterhouse presented its report on BCCI known as Sandstorm Report. As per the report, BCCI committed several mistakes and did many unofficial activities that are out of one company's ethics. ...
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