A look at some major bank frauds | india | Hindustan Times
Today in New Delhi, India
Aug 18, 2017-Friday
-°C
New Delhi
  • Humidity
    -
  • Wind
    -

A look at some major bank frauds

A look at some major bank frauds

india Updated: Jan 24, 2008 18:25 IST

2008: French bank Societe Generale uncovers an alleged euro 4.9 billion (US$7.14 billion) fraud by a futures trader who fooled investors and overstepped his authority.

2002: Former currency trader accused of hiding US$691 million in losses at Allfirst bank of Baltimore, at the time under parent Allied Irish Bank, pleads guilty to one of the largest bank fraud cases in U.S. history.

1995: Collapse of Britain's Barings Bank after a trader in Singapore, Nick Leeson, lost 860 million pounds (then worth US$1.38 billion) on futures trades. The fraud prompted banks worldwide to tighten internal checks.

1991: Bank of Credit and Commerce International (BCCI), operating in nearly 70 countries, is seized by bank regulators, acting on auditors' reports of huge losses from illegal loans to corporate insiders and from trading transactions. Some 250,000 depositors left without funds. Claims exceeded US$10 billion.