Bank of Commerce and Credit International

International bank, founded in 1972. By 1990 BCCI had offices in 69 countries, US$15 billion in deposits, and US$20 billion in assets. In July 1991 evidence of widespread systematic fraud at BCCI led regulators in seven countries to seize the bank's assets, and its operations in the remaining 62 countries were gradually also shut down. A subsequent investigation resulted in a New York criminal indictment of the institution and four of its units, and the arrest of some 20 BCCI officials in Abu Dhabi for alleged fraud.