LONDON: London's High Court has ordered state-run Bank of India (BOI) to pay around US$82mil in compensation for fraudulent transactions with the collapsed Bank of Credit and Commerce International (BCCI).
Judge Nicholas Patten said Bank of India's London-based manager Kamalnath Lexman Samant knew BCCI's deposits with India's sixth largest commercial bank were being used to defraud BCCI creditors and that BOI must bear responsibility for the manager's actions.
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