Word: karachi
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B.C.C.I. did more than finance or broker arms deals between nations that couldn't risk exposure of politically embarrassing relationships. Arms dealers from Europe and the Middle East, as well as a high-level operative from B.C.C.I.'s Karachi-based black network, have separately provided TIME with nearly identical descriptions of some of B.C.C.I.'s elaborate services for the sale of conventional weapons. "They could handle everything," says one of those sources. "Brokering, financing, letters of credit, false end-user certificates, shopping, spare parts, training and even personnel. You could order a bomb, a plane to deliver it and somebody...
...Pakistanis who are the chief beneficiaries of Abedi's multifarious services. "You can't draw a line separating the bank's black operatives and Pakistan's intelligence services," says an international arms broker, who provided details of recent B.C.C.I.-generated orders for nuclear-bomb supplies for Pakistan. "And in Karachi his bankers are surprisingly patriotic...
...secret, but rumors of its activities filtered through the bank's managerial level with chilling effectiveness. Senior bankers voice fears that they will be financially ruined or physically maimed -- even killed -- if they are found talking about B.C.C.I.'s activities. High-level bank officers know what happened to a Karachi-based protocol officer whom the black network suspected of unreliability last year. "They found he had been trying to liquidate his assets and quietly sell his house," says Mustafa. "So, first they killed his brother, and then they sent brigands to rape his wife. He fled to the U.S., where...
...method of accounting -- longhand in paper ledgers, written in Pakistan's Urdu language -- make it unlikely that most of the missing money will be traced. Nor is it likely that anyone will ever know just how much Abedi, who has incorporated a new bank, called the Progressive Bank, in Karachi, stole from the rest of the world...
...decade. If that is true, the banker's black book may be the single hottest source since Deep Throat in the Watergate investigation. U.S. authorities are searching for the Washington representative and other B.C.C.I. protocol officers, but most have fled to Pakistan. In this investigation, many roads lead to Karachi, where the infamous black network is enduring its most desperate hour. As it falters, the testimony by once fearful witnesses is likely to yield a succession of startling details about one of history's most ornate and ruthless frauds...