Perspective

An alternative perspective on BCCI challenges the conventional account of its closure. Western central banks, led by the Bank of England, abruptly shut BCCI in 1991 following serious allegations, yet claims of a pervasive criminal culture were never established across its worldwide operations. Its links with US intelligence, Pakistan’s ISI and covert operations also raise questions about the timing of its closure. The shutdown devastated 12,000 employees and more than one million customers, while other international banks accused of comparable misconduct generally faced fines. Depositors ultimately recovered at least 90%, exceeding 100% in Hong Kong.