When last July the Bank of England co-ordinated action to close down BCCI, one of the world's largest international banks, it ended a fraud but started a furore. For no sooner had the bank acted than the questions began. When did the Bank of England suspect a fraud? Should the auditors have sounded the alarm earlier? And should the closedown have happened sooner? As depositors wait to find out how much they might retrieve, Fred Emery reports on whether the largest banking fraud in history could have been avoided.