The Agha Hasan Abedi & BCCI legacy

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Last Sunday morning I read this article on Agha Hasan Abedi;
Our forgotten Napoleon
http://dawn.com/weekly/dmag/archive/070729/dmag13.htm

I was always intrigued by the exploits of this famous man and his empire BCCI and its massive fall.

It has always been one of those subjects I have wanted to learn and research in detail about but never get down to. Suddenly this article reminded me of the phenomenon.

Incidentally today is his 12th death anniversary. This I learned from the paper today.

I have heard numerous stories about the man and the BCCI scandal.

Lots of people were affected, lots of elders and their kids my age, in family and friends have tales to tell. I was much younger when the showdown took place and am still unaware of the details regarding what happened.

Plus there is great confusion about the ‘truth’ the afectees were devestated, people I know who were part of this expanding empire as well paid and established profesionals across the globe were suddenyl left high and dry and their high flights crashed, many well established familes never recovered from the crash. Plus its always such a hush hush taboo topic to discuss. Maybe because its a sensitive issue for those involved? Maybe because the culprits drowned with the wrong people…?

Apart from that I’m also naive about who Agha Hasan Abedi was and how he managed to make it this big? Is the above article a deserving tribute? Was he an honest sharp high achieving man who eventually fell victim to Western interests and intricacies or was there the usual *desi *intrigue involved as in everything that becomes big in *desi *lands…?

Share your info, views and thoughts please. Thanks!

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Re: The Agha Hasan Abedi & BCCI legacy

How many people here were directly/indirectly involved/associate/affected with BCCI/Agha Hasan Abedi?

I'd love to hear from everyone who was aware of the happenings in those days as well as professionals who observed the events closely and who have discussed with friends/colleagues/family who were associated.

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Re: The Agha Hasan Abedi & BCCI legacy

I am not full aware of the details how he made it so big in such short time, but what I remember of it when it came down, people saying that "west" couldn't see a bank from third world country leaving their banks behind in competition. He was accused of helping weapons smugglers in money laundering as if Swiss and British banks are not helping Pakistani politico-looters (and I am sure many other 3rd world countries looters) launder their money.

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Re: The Agha Hasan Abedi & BCCI legacy

I was too young at that time to know about AHA, however I think I can add a few words. Let me just preface all of this by stating that I don't want you (the reader) to think that I am trying to glorify my family or boasting about the past. Allah has granted us many opportunities both in the past and in the present.

One of my uncles in the UK was involved in the BCCI operations during the 80s as an executive. Presently he is retired but still serves in a chairman emeritus capacity of a Western bank. He made millions of pounds through BCCI particularly dealing with the Soviet invasion of Afghanistan and also transferring the money Eastern European elites by evading capital controls of their communist regime.

I was quite young but I still have memories of the time in London that we spent on holidays. It seemed like money was never an issue. Houses in the poshest districts, expensive cars, servants, interactions with celebrities, VIP treatment etc. Now based out of Switzerland, my uncles home office is littered with photos with presidents, kings etc. I think the influence of BCCI speaks volumes when we consider that my uncle just headed one region of the operations.

AHA for all the negative things was a humble man, he lived very modestly comparative to his wealth and influence. He brought international banking to Pakistan and placed Pakistan on the map. According to my uncle AHA was an old school banker: growing up in British India, he was prim and proper, at times more so than his British counterparts. The term "Pakistani Banker" became synonymous with an excellent money manager. In some circles, Pakistanis were called the "jews of the Muslim world" for their superior moneymaking abilities.

Since, I have talked about the positives, let me give you the other side as well. BCCI's banking practices at times, were less than legal. AHA was a genius in hiding money from being regulated the central banks of the US/Europe, dealt in extensive money laundering operations. Even my uncle's involvement in that matter was less than savory.

I think that BCCI was first discredited in the UK. I have a few photos of those holidays in the UK, with a BCCI branch in the background, I guess that the bank had a huge presence amongst the Asian population there. Unfortunately many lost their deposits when B of England cracked down on them. As for the staff, I think many of them were able to find banking positions elsewhere in Europe. In the case of my uncle, he was able to easily switch over to positions in Europe.

My uncle still talks about the BCCI operation in nostalgic terms. The growth, the influence, and the money. To him, the BCCI period was one where Pakistanis could hold their head up high and say that our country may be poor, but our people can succeed on an international level.

I hope that this gives a personal background of the situation.

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Re: The Agha Hasan Abedi & BCCI legacy

In terms of the rise of the banking operations in short time, AHA was backed by Arab oil money and the fact that many of his clients had a lot of money but nowhere to deposit it. By participating in extensive money laundering operations, the bank had liquidity in some regions. In others, AHA made politically motivated loans where the bank actually lost money.

There were some African countries where BCCI had almost replaced the country's central bank as the primary lender and regulator of currency! I mean that alone shows the extent of influence.