BANKING

Seized BCCI Money Released for Victims: A federal judge has ordered that more than $393 million seized from the outlaw Bank of Credit and Commerce International be turned over to a worldwide fund for its embezzlement victims and to the U.S. government and New York state. BCCI collapsed in 1991 in one of the world’s largest banking frauds. The order, issued Monday, was announced late Friday by the Justice Department. Under a 1991 plea agreement by BCCI, $223 million plus accrued interest, which was not specified, will go to the victims’ fund. An additional $10 million goes to New York state, where BCCI had a subsidiary bank, to pay the fines it levied against BCCI. The balance is to remain available to Atty. Gen. Janet Reno for offsetting the losses suffered by the Federal Deposit Insurance Corp.’s bank insurance fund as a result of BCCI’s activities. Several hundred million more dollars are still being held by the U.S. District Court for the District of Columbia until other claims can be resolved.