From BCCI to ISI: The Saga of Entrapment Continues by Abid Ullah Jan

By Abid Ullah Jan

During this e-book, the writer digs up the financial institution of credits and trade foreign (BCCI) factor to teach how the financial institution turned a sufferer of a grand entrapment procedure by means of the U.S. executive and the way that technique keeps until at the present time.

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When Mazur told Argudo that his Colombian client was in the currency exchange business and that some of his clients accumulated cash in the United States, Argudo allegedly replied that this was commonly called the “black market”, and that it was not unusual for it to be used in the transfer of funds to Panama. The banker cautioned Mazur, however, that cash was an increasingly difficult commodity to move into the banking system. Deposits of $10,000 or more are reported to the IRS, but there were ways around the system he said.

An infusion of capital was made, ostensibly in the name of the shareholders, but in reality these were loans were from the BCCI to the ICIC. This further exaggerated the liquidity problem. 5 billion, wiping out the capital base of the bank. These accumulated losses were primarily due to fraudulent accounting practices, and “trading losses”, but a large per- 48 From BCCI to ISI centage was also due to unprofessional conduct of the senior management. It is widely known that a number of senior staff took bribes from clients for approving their loans.

On May 27, 1988, Mazur went to London where he met with Asif Baakza, the Manager of the BCCI Corporate Unit in London, in order to complete account-opening forms. During that short encounter, Mazur also dangled the “Iacocca bait”, thus setting him up as the next victim in the entrapment. S. government conceded that no BCCI banker on trial had personally gained financially from his involvement with Agent Mazur. The evidence presented showed that the BCCI staff was not paid according to number or size of deposits, or the number of subsequent loans obtained.

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