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Bangladesh Bank to file case against RCBC by April

  • Published at 05:16 pm March 4th, 2018
Bangladesh Bank to file case against RCBC by April
The central bank will file a case against Philippine bank Rizal Commercial Banking Corporation (RCBC) with a US court within April for the recovery of the money stolen from its foreign reserve. Finance Minister AMA Muhith told this to reporters after a meeting of the Financial Institutions Division (FID) on Sunday, adding that it would be a civil case. “Primarily, we have decided that a case will be filed at a court in New York by April,” Muhith said. “We have not decided on a law firm yet. A law firm will be appointed from New York,” he added. He called on the CID to submit its probe report on the heist as soon as possible. Bangladesh Bank Governor Fazle Kabir and Financial Institutions Division Secretary Md Eunusur Rahman were also present at the event, among others. Hackers pulled off the biggest heist in modern banking history when they stole $81 million from Bangladesh Bank’s account with the Federal Reserve Bank of New York in February 2016. The money was channelled through RCBC and casinos in Manila as well as a remittance company. The Philippines sent back $14.54 million after a court order in November 2016, but the rest of the money has yet to be returned, of which $47.2 million has been traced to the casinos and the remittance firm. The central bank wants to sue RCBC for the remaining money.