• Home
  • Articles
  • First Cayman Bank looted of millions of dollars
Articles Banks & Trusts Cayman Islands Featured Fraud InvestmentNovember 30, 1997

First Cayman Bank looted of millions of dollars

mm
By
27 years ago

Topics

Banks & Trusts Cayman Islands Fraud Investment

Keywords

Asad Kazmi First Cayman Bank Gulf Union Bank Sheikh Jabor bin Mohammed Al Thani Sheikh Sattar Quraeshi

Related Content

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.

    • Related Content

    First Cayman Bank looted of millions of dollars

    November 30, 1997

    First Cayman Bank and Gulf Union in financial trouble

    September 29, 1997