Home / IT / Telecom / Tech/ Bangladesh central bank sends team to Manila to push for heist money recovery

Bangladesh central bank sends team to Manila to push for heist money recovery


Comments / {{hitsCtrl.values.hits}} Views / Monday, 11 September 2017 00:00


DHAKA (Reuters): Bangladesh’s central bank sent a team of officials to the Philippines last week to push for the recovery of more of the $81 million stolen from its account at the New York Federal Reserve last year and routed through a bank in Manila.

Bangladesh Bank has been able to retrieve only about $15 million of the money stolen in one of the world’s biggest cyber heists.

A Bangladesh Bank lawyer, Ajmalul Hossain, told Reuters the bank was working on “various ways” to get back the rest of the money from institutions in the Philippines.

Hossain said two officials from Bangladesh Financial Intelligence Unit, controlled by the central bank, would meet representatives of the Philippine Department of Justice, Anti-Money Laundering Council and a presidential commission, among others.

“All the money that was lost has been frozen ... we’re trying to expedite the process of recovery,” Hossain told Reuters by telephone from London.

Hossain declined to give details of the strategy to recover the money from the heist, which according to the US Federal Bureau of Investigation was state-sponsored.

On the evening of Feb. 4 last year, the yet-to-be-identified hackers initiated fake transfer orders which sought to move nearly $1 billion from Bangladesh Bank’s New York Fed account mostly to accounts at the Manila-based Rizal Commercial Banking Corp (RCBC).

Many of the transfer orders initiated by the hackers were blocked or reversed by intermediary banks, but $81 million made it to accounts in fake names at RCBC. Most of the funds then disappeared into Manila’s loosely regulated casino industry.

The Philippines’ Anti-Money Laundering Council has accused several RCBC officials of money-laundering in a complaint filed at its Justice Department, though the bank has blamed only a couple of rogue officials.

Bangladesh Bank and RCBC have exchanged accusations of responsibility for the crime.

RCBC was fined a record one billion pesos ($19.54 million) by the Philippine central bank for its failure to prevent the movement of the stolen money through its bank, while a top Bangladeshi investigator has said he suspected some IT technicians from the Dhaka-based bank helped the hackers carry out the heist.

The $15 million that Bangladesh has been able to recover is part of $35 million that Manila casino boss Kim Wong had told a Philippines Senate inquiry he received from two Chinese gamblers without knowing it was stolen.


Share This Article


DISCLAIMER:

1. All comments will be moderated by the Daily FT Web Editor.

2. Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.

3. We may remove hyperlinks within comments.

4. Kindly use a genuine email ID and provide your name.

5. Spamming the comments section under different user names may result in being blacklisted.

COMMENTS

Today's Columnists

Tamil actor Kamal Haasan stars in new role as political leader

Saturday, 24 February 2018

Srinivasan Kamal Haasan is one of India’s foremost film actors. Known popularly as Kamal, the talented and versatile thespian has not only excelled as an actor onscreen, but has successfully engaged in other cinematic spheres too. The multi-faceted


Yameen’s economic offensive to counter political adversity ahead of presidential poll

Saturday, 24 February 2018

The embattled Maldivian President Abdulla Yameen, who is facing intense political opposition both in and out of the country, hopes to win the September, 2018 presidential election using a combination of political belligerence and a strong economic pr


In the end, there was nothing

Saturday, 24 February 2018

Much more than a storm in a tea cup! To a non-discerning person, it all seemed like the final battle of the counter revolution. President Sirisena was up in smoke trying to oust Prime Minister Ranil Wickremesinghe for no articulated reason. He asked


Shouldn’t Govt. prevent parliamentary system from decay and destruction?

Friday, 23 February 2018

The wrong people teach us the best lessons. As a clever nation, we had always used our ballot and chased the wrong people


Columnists More