The many faces of BCCI
July 2, 1992 - The Bank of Credit and Commerce (BCCI), 7th largest private bank in the world with over 400 branches and subsidiaries in 70 countries, and assets of $20 billion, closed down.
In 1990 BCCI pleaded guilty to laundering Colombian drug money. Bank officials jailed, BCCI fined $15 million but bank stays open
In July 1991 a massive new BCCI drug-money laundering operation reported. New York District Attorney demands action
July 1992 regulators in seven countries raided and locked down records of its offices.
BCCI was founded in 1972 by Agha Hassan Abedi, a Pakistani financier. Incorporated in Luxembourg with headquarters in London.
Sheik Zayed bin Sultan al-Nahyan, ruler of Abu Dhabi in the United Arab Emirates, helped Abedi start BCCI with capital of $2 million. He injected $1 billion in May 1990 and $660 million only days before closure. Owned 77 per cent of BCCI.
HISTORICAL NOTE: Three of the images are black-and-white pictures. The one of Abu Nidal was drawn from a picture using a rendering technique to improve the quality. In 1992 pictures were not yet available electronically.