[25], Office of the Comptroller of the Currency, Public Interest Disclosure Act (PIDA) of 1998, Bank of Credit and Commerce International SA v Aboody, Mahmud and Malik v Bank of Credit and Commerce International SA, Bank of Credit and Commerce International (Overseas) Ltd v Akindele, "Pure Contagion Effects in International Banking: The Case of BCCI's Failure", "BCCI bank fraud begets silver lining 13 years later", "BCCI Reportedly Moved Millions of Dollars Out of China", "world-class-fraud-bcci-pulled-it-off-special-report-end-twisted-trail-piggy-bank", "Iran-Contra: The Cover-Up Begins to Crack", "Lawmaker's Defense of B.C.C.I. He added a prestigious feather in his cap when he became the Sheriff of Madras for consecutive terms from 1989 to 1991. N Srinivasan is heading Tamil Nadu Cricket Association (TNCA) since 2002-03. By 1980, BCCI was reported to have assets of over $4 billion with over 150 branches in 46 countries.

On 24 June 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. BCCI also acquired parallel banks through acquisitions: buying the Banque de Commerce et Placements (BCP) of Geneva in 1976, and creating KIFCO (Kuwait International Finance Company), Credit & Finance Corporation Ltd, and a series of Cayman-based companies held together as ICIC (International Credit and Investment Company Overseas, International Credit and Commerce [Overseas], etc.). N Srinivasan CSK Owner: Chennai Super Kings head Narayanaswami Srinivasan has remained a controversial man all throughout his administration career. He remained in charge of Indian cricket till 2014 when Jagmohan Dalmiya succeeded him. Bank of America was "bewildered" by BCCI and reduced its holding in 1980, and the company came to be held by a number of groups, with International Credit and Investment Corp ('ICIC') owning 70%. ], The liquidators, Deloitte & Touche, filed a lawsuit against the bank's auditors, Price Waterhouse and Ernst & Young, which was settled for $175 million in 1998.

A decade after opening, BCCI had over 400 branches in 78 countries and assets in excess of US$20 billion, making it the seventh largest private bank in the world. [5][self-published source? While federal regulators took no action, Florida regulators forced BCCI to pull out of the state. [14] Longstanding banking practice dictates that a bank not lend more than 10% of its capital to a single customer. One source was the Syrian-born branch manager, Ghassan Qassem, the second a young British employee.

However, large numbers of shares were held by BCCI nominees. It was just the second day of the Indian Premier League (IPL) and the cricket world already witnessed a super over. Added to wishlist Removed from wishlist 0. Who is the owner of Rising Pune Supergiants | Wiki.

N Srinivasan began his journey in India Cements when he took over as vice-chairman and managing director in 1989. Went Beyond Speech in Senate", "Saudi businessman Ghaith Pharaon confirmed dead in Beirut", "BCCI SCANDAL: BEHIND THE 'BANK OF CROOKS AND CRIMINALS, "BCCI in the United States, Part Two: Acquisition, Consolidation, and Consequences", United States Senate Committee on Foreign Relations, "Profile: Bank of Credit and Commerce International (BCCI)]", Bank of Credit and Commerce International, Facebook–Cambridge Analytica data scandal, National Institute of Banking and Finance, https://en.wikipedia.org/w/index.php?title=Bank_of_Credit_and_Commerce_International&oldid=982375526, Pakistani companies disestablished in 1991, Articles with self-published sources from February 2020, Creative Commons Attribution-ShareAlike License, This page was last edited on 7 October 2020, at 19:09. Much of BCCI's documentation was then transferred to Abu Dhabi. The audit also confirmed what many Americans who watched BCCI long suspected – that BCCI secretly (and illegally) owned First American.