Investigators have uncovered strong evidence that First Cayman Bank was looted of millions of dollars before it was closed down, partly through the granting of fraudulent loans to related parties and its participation in a scheme to defraud investors in Sweden and the US.The minimum amount of the alleged fraud perpetrated at First Cayman Bank is estimated to be US$5 million and the bank itself is insolvent by at least $6.1 million, according to documents filed at the Grand Court of the Cayman Islands as part of the bank’s proposed liquidation.
Articles Banks & Trusts Cayman Islands Featured Fraud InvestmentNovember 30, 1997
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Banks & Trusts Cayman Islands Fraud InvestmentKeywords
Asad Kazmi First Cayman Bank Gulf Union Bank Sheikh Jabor bin Mohammed Al Thani Sheikh Sattar Quraeshi