Ex-Kabul Bank chiefs slapped with prison time
Former Kabul Bank CEO Khalilullah Ferozi attends at a court in Kabul on Tuesday.
March 5th, 2013
05:59 AM ET

Ex-Kabul Bank chiefs slapped with prison time

Two former Kabul Bank executives accused in a scheme that siphoned hundreds of millions of dollars now face years in prison and massive fines.

Investigators say the scheme cheated ordinary people's savings out of Kabul Bank in a case of "fraudulent lending and embezzlement."

Former Chief Executive Officer Khalilullah Ferozi was sentenced to five years and ordered to pay $530 million to a recovery fund to help the fraud victims, prosecutor Nasrrullah Hemad said.

The scandal that engulfed Kabul Bank has severely damaged the reputation of the Western approach to banking that it embodied in Afghanistan, one of the least developed countries in the world.

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Filed under: Afghanistan • Crime • Justice
soundoff (One Response)
  1. Pete

    Yah and most of that was probibly foriegn aid destined to the starving ,homeless that occupy most of Afghanistan,that crime should be punishable by death plain and simple ..Make money like that radioactive so nobody touches it, just a figure of speech posters don't take it literally because some readers here don't know the difference between serious and joking ,that stupid!!

    March 5, 2013 at 9:32 pm | Report abuse |