BANKING & FINANCE - Aug. 27, 1992
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From Times Staff and Wire Reports
India Accuses Citibank, BankAmerica: An Indian government-appointed panel has linked Citibank and BankAmerica Corp. to stock brokers involved in India’s worst financial scandal and recommended further investigations to discover if they broke the law. In a 90-page report, the panel said that the two banks overstepped Indian banking guidelines to make money available to the brokers, who then invested the funds in the Bombay stock market. The brokers have since been arrested. Citibank denied the charges. BankAmerica had no comment.
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