The recent report that London manager�s fraud costs BoI $82m may not be a
simple case of fraud and could involve political pressure and if the past
is any thing to go by, Congress could be the prime suspect.
The notorious Bank of Credit and Commerce International (BCCI) finally
owned by the ruler of Abu Dhabi paid bribes to the family of Indira
Gandhi as per the records of the U.S. senate sub-committee investigating
the bank. This was one of the reasons for closing the serious cases
of murder, smuggling etc against many Dubai nationals like Lootah,
Galadhari, and Al-Futtaim etc
Then there is the stranger case of the late Agha Hassan Abedi, who first
founded the Pakistani Bank BCCI and its involvement in drug money
laundering and funding of the nuclear programme in Pakistan and its
connection to Congress Party of India. . The Vatican Bank was active in
Europe and America in drug money laundering, and BCCI had specialized in
the Asian drug market. Abedi's reach extended to the U.S. also. He even
had the former Secretary of Defense Clark Clifford as his lobbyist for a
fee of nearly $100 million! This was exposed in U.S. Congressional
hearings, and Clifford was disgraced.
What has this got to do with the Gandhis of India? For a start Abedi
happened to be a major donor to the Indira Gandhi Memorial Foundation,
later controlled by Sonia. The first Indira Gandhi Peace Prize was
awarded to Yasser Arafat, with money donated by Abedi! In addition,
several members of the Gandhi trusts have close ties to Pakistan. A high
official of the Nehru Museum and Library is a Pakistani who claims to be
a Marxist. Sonia Gandhi's close associate and official spokesman Mani
Shankar Aiyar has consistently taken pro-Pakistani positions on most
issues - from the Jinnah House in Mumbai to Kashmir. In one of his
columns, he went so far as to suggest that Kashmir could be handed over
to Pakistan with the expectation that Pakistan would help India get oil
from the Central Asian Republics! The Pakistani Archives, if opened
some day like the Soviet Archives, should have many interesting secrets
to reveal. Not only the Congress party collected bribe from Saddam
Hussein in the form of oil, but is linked to KGB for which the case is in
Indian courts and with CBI. Congress may be under the control
of the Italian Mafia and this could be the reason for the death of so
many promising Congress politicians on Sundays which is the preferred
days by Christians. Imagine what will be the reaction of the India
public if the Pak secret achieves are opened and if Congress is linked to
ISI of Pakistan. Many Kerala Christians in Gulf who funds the
Congress Party in Kerala are also running Pakistan schools and even work
as the front man for the Pak drug money. One such Gulf NRI is Sunny
Varkey who lives in Dubai and runs the �Our own English schools and
Pakistani schools� in the gulf. On September 22, 2002
one of the two helicopters being used by Sunny Varkey in India while on a
visit, crashed in a village near Lonavla in which one Jacob Chakoria GM
of his establishment was killed. Officially the accident is due to
bad weather, but it is rumored that Sunny Varkey who is an ISI assest and
under RAW investigation, was the target of an assassination
attempt. Then there is the case of the world�s biggest audio
video piracy group known as Thomson Electronics in the Gulf run
mainly by two Kerala Christians sponsor many Congress politicians
like Ramesh Chennithala MP. Congress politician Muralidharan of
Kerala was running Hawala business in Dubai. This list is
endless. Because of these the BOI involvement may not
be a simple case of a fraud by a manager, but it may involve some
political involvement.
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London manager�s fraud costs BoI $82m
http://www.expressindia.com/fullstory.php?newsid=29541
GEORGE
MATHEW
MUMBAI, MARCH 20: 2004 In a development that could wipe out
its entire third-quarter profits and more, the Bank of India has been
ordered by a London judge to pay $82 million (around Rs 370 crore) for
knowingly engaging in fraudulent transactions with the long-sunk Bank
Credit and Commerce International (BCCI).
The same judge who, in December, had cleared the London branch of the
State Bank of India (SBI) of any of any wrongdoing, came down hard on
BoI. He said the bank could not sidestep responsibility for the actions
of its London manager.
Refusing to accept the verdict, however, the chairman of BoI, M
Venugopalan, told The Indian Express: �We have decided to challenge the
ruling of the London High Court in a higher court. Our lawyers will study
the verdict in detail.��
In awarding damages of $43.2 million and accumulated interest of $39
million to BCCI�s liquidators Deloitte and Touche, Judge Nicholas Patten
outlined the scheme that was hatched to defraud the depositors.
BCCI, which closed down in 1991 burning nearly a million of its customers
placed six short-term deposits with BoI�s London branch between 1981 and
1985. In each case, BoI then loaned the money back to a BCCI nominee,
apparently contributing to the web that ultimately bankrupted many small
depositors. Such dealings allowed BCCI to show temporary improvement in
its financial condition.
The judge said that BoI�s London-based manager Kamalnath L Samant knew
that such transactions were being used to defraud BCCI creditors. BCCI
collapsed in 1991 under a $16 billion debt.
Said Judge Patten: ��It (allowing BoI to go scot-free) would allow banks
such as BoI, which choose to rubber-stamp the recommendations of their
senior managers without ensuring that all proper diligence has been
carried out, simply to sidestep liability by relying on ineptitude.��
In December Judge Patten had found SBI completely innocent, although it
too had dealings with BCCI. ��After the SBI verdict, we were too
expecting a favourable judgement,�� said Venugopalan.
Although the verdict could wipe out the bank�s entire net profit of Rs
229 crore for the third quarter ended December 2003, its chief said BoI
was financially quite strong. It made a net profit of Rs 851 crore for
the year ended March 2003 and its total assets were worth 76,000 crore.
BoI shares the stage with some elite names. The Bank of England faces
claims of $1.8 billion for its dealings with BCCI.
