Agha Hasan Abedi

Overview

Agha Hasan Abedi (May 14, 1922 – August 5, 1995) was a Pakistani banker and philanthropist, best known for founding the Bank of Credit and Commerce International (BCCI) in 1972. Born in Lucknow, British India, to a Shia Muslim family, he migrated to Pakistan after the 1947 partition. Abedi held a master’s degree in English literature and a law degree from Lucknow University. His banking career began at Habib Bank in 1946, and he later founded United Bank Limited (UBL) in 1959, which became Pakistan’s second-largest bank under his leadership.

CIA Connections

BCCI’s Role in Intelligence Operations

BCCI, founded by Abedi in 1972, was implicated in facilitating financial transactions for various covert operations, including those allegedly linked to the CIA. Reports indicate BCCI was used to move funds for clandestine activities, such as the Iran-Contra affair and support for the Afghan mujahideen against the Soviet Union in the 1980s. For example, a 1992 Senate report noted BCCI’s involvement in “sensitive intelligence operations” during the Reagan-Bush years, including arms sales to Iran.

Meetings with CIA Director William Casey

Investigative sources, including a report by Peter Dale Scott, claim that Abedi met with CIA Director William Casey multiple times between 1982 and 1985. These meetings, often arranged in secret, reportedly covered topics like the Afghan war, Iran-Contra arms trades, and Pakistani politics. Some sources suggest Abedi facilitated Casey’s interactions with Pakistani General Zia-ul-Haq and Saudi intelligence figures like Kamal Adham, a BCCI shareholder. These interactions imply Abedi was a key figure in enabling off-the-books operations, though it’s unclear if he was acting as a witting CIA asset or a strategic partner leveraging BCCI’s network.

Safari Club and CIA Ties

The Safari Club, a covert alliance of intelligence agencies from Saudi Arabia, Egypt, Iran, France, and Morocco formed in 1976, reportedly used BCCI as a financial conduit for its operations. Saudi intelligence chief Kamal Adham, a close associate of Abedi, allegedly transformed BCCI into a “worldwide money-laundering machine” with CIA acquiescence. George H.W. Bush, CIA director from 1976 to 1977, reportedly had a BCCI account during his tenure, suggesting a nexus between BCCI and U.S. intelligence. While Abedi’s direct involvement with the CIA in this context is not explicitly proven, his association with Adham and the Safari Club places him in proximity to CIA-adjacent activities.

Allegations by Zulfikar Ali Bhutto

Former Pakistani Prime Minister Zulfikar Ali Bhutto publicly claimed Abedi was “in league with the CIA,” particularly during his tenure at United Bank Limited (UBL) before founding BCCI. These claims, reported in Newsweek, suggest a perception in Pakistan that Abedi’s rapid rise and international connections were facilitated by U.S. intelligence.

CIA’s Use of BCCI Accounts

CIA officials later admitted to using BCCI to move funds for covert operations, as noted in a 1992 congressional report. The agency’s reluctance to share information about its BCCI ties during Senate investigations led to suspicions of a cover-up. Some investigators believe the CIA protected BCCI to preserve it as an intelligence asset, potentially shielding Abedi from scrutiny until the bank’s collapse in 1991.

Claims of CIA Involvement in BCCI’s Founding

A former BCCI officer recounted a conversation with a Pakistani associate of Abedi, who claimed Abedi worked with the CIA during his UBL days and that the agency encouraged him to establish BCCI as a cover for intelligence operations. The source specifically mentioned Richard Helms, CIA director until 1973, as a figure linked to Abedi. Helms later became a legal client of Clark Clifford, a BCCI associate, adding to the web of connections.

Conclusion

Abedi suffered a heart attack in 1988 and relinquished control of BCCI, retiring to Karachi. By the time BCCI collapsed in 1991, he was no longer actively involved, which could suggest his role was more tied to the bank’s early operations than any sustained CIA relationship. His conviction for fraud by a UAE court in 1994 focused on financial misconduct, not intelligence activities.