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Fraud investigation in Afganistan shows Kabul Bank was a Ponzi Scheme

Before 2010 the Kabul bank in Afganistan was held up by the US as an example of how western capitalism would help rebuild the war torn country. Then things fell apart and it was discovered that the majority of what the bank was doing was fraudulent.

Today a report released by an independent investigation corporation shows that at the heart of the Kabul bank operation was a Ponzi scheme that benefitted a small cliq of officials in the Karzai administration. The sole purpose of the bank was to siphon off money from its depositors who were its primary source of income.

There are now calls for prosecutions and further investigations but considering that those involved are also the same people that run the country its not likely to happen anytime soon.


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