Sign in Subscribe
Banks (Finance)

BCCI Scandal: Former Asian Businessman Faces Jail for Bank Fraud

Strategic Insights

— 1 min read

DAN ATKINSON, a respected entrepreneur and leader in Britain's Asian community, has been convicted of conspiring to help the Bank of Credit and Commerce International (BCCI) deceive auditors into believing the bank was solvent. The Old Bailey jury found Atkinson guilty of six charges of providing false information to BCCI's auditors, Price Waterhouse, and one charge of false-accounting. However, he was cleared of conspiring to defraud BCCI and of a charge of theft.

Key Takeaways:

  • DAN ATKINSON, former Asian Businessman of the Year in 1990, was convicted of conspiring to deceive auditors into believing BCCI was solvent.
  • The prosecution claimed ATCKINSON received huge loans for his businesses, as much as £1.6 million in cash and other benefits, in exchange for his actions.
  • ATCKINSON signed documents claiming his private businesses owed up to £2.2 million to BCCI, inflating the bank's asset base.
  • The case marked the highest-profile prosecution of a BCCI-related defendant in Britain, with ATCKINSON being remanded in custody pending sentencing.
  • The Serious Fraud Office obtained a conviction without a guilty plea, marking a success for the organization.
  • BCCI was shut by worldwide regulatory action in 1991, with some estimates suggesting the bank was insolvent since 1977.

Statistics:

  • £2.2 million: The amount ATCKINSON claimed his private businesses owed to BCCI.
  • £36 million: The investment by BCCI that allowed Control Securities to develop into a major property enterprise.
  • £1.6 million: The amount of cash and other benefits ATCKINSON received in exchange for his actions.
  • 1990: The year ATCKINSON was named Asian Businessman of the Year.
  • 1977: The estimated year BCCI became insolvent.
  • 1991: The year BCCI was shut by worldwide regulatory action.

Sources:

  • "BCCI Scandal: Former Asian Businessman Faces Jail for Bank Fraud." *The Guardian* (No date provided).
  • A Old Bailey jury verdict (No date provided).
  • The Serious Fraud Office's prosecution of Dan Atkinson (No date provided).

Read more