Word: caymans
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Dates: during 1990-1999
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...bank within the bank diverted depositors' funds to finance purported loans to insiders for the purchase of stock in institutions that Abedi wanted to control from behind the scenes. In general such loans would never be repaid. According to the records, $476 million from a B.C.C.I. bank in the Cayman Islands and $308 million from International Credit & Investment Co. Ltd., a B.C.C.I. holding company in the Caymans, were funneled to fake shareholders for purchases of stock in transactions similar to the First American shuffle...
According to the audit, much of the money disappeared after being passed to International Credit & Investment Co. Overseas Ltd., a secret, unregulated Cayman Island subsidiary known to only a handful of B.C.C.I. officials. Depositors who thought they were placing money -- apparently hundreds of millions -- into B.C.C.I.'s Cayman bank didn't realize that it was being whisked into the I.C.I.C. bank to disguise its true origins and eventual destinations. From there the money trail evaporated in a series of loans and undocumented transfers...
...Tampa last week the bank lifted its veil of secrecy when two of its subsidiaries pleaded guilty in the first U.S. money-laundering case against a major international banking house. In a plea-bargaining deal, the two subsidiaries -- one based in Luxembourg and the other in the Cayman Islands -- agreed to surrender $14.7 million of alleged drug profits...