Saturday March 24, 2018 07:34 PM

Bangladesh Bank chief: Process of retrieving $1.2m of heist money at final stage

Bangladesh Bank chief: Process of retrieving $1.2m of heist money at final stage
Bangladesh Bank Governor Fazle Kabir speaks after unveiling the new monetary policy at the central bank headquarters in Dhaka on Monday, January 29, 2018 Mehedi Hasan/Dhaka Tribune

So far, Bangladesh has received around $15 million of the $81 million stolen from the central bank’s reserve account

Bangladesh will soon receive $1.2 million more from the Philippines as part of the process to retrieve the money stolen from Bangladesh Bank’s foreign reserve account in 2016, says the central bank chief.

“The process of recovering $1.2 million from the Philippines is now at the final stage,” Governor Fazle Kabir told reporters while announcing the new monetary policy of the current fiscal year at the bank’s headquarters in Dhaka on Monday.

“So far, Bangladesh has so far recovered $14.54 million of the $81 million stolen money. The process to retrieve $50 million more is still going through the court proceedings (in the Philippines),” Kabir said.

Moreover, he said, significant progress was made in retrieving another $6 million. “A team of officials of Bangladesh Bank and the Criminal Investigation Department (CID) will leave for the Philippines tonight (Monday night) to push for this portion of the money.”

On November 10 last year, Philippines had sent back $14 million to Bangladesh Bank following a court order, retrieved mostly from a Manila casino junket operator.

Prior to that, in February 2016, Bangladesh received $70,000 from Rizal Commercial Banking Corporation (RCBC) of Manila.

On February 4, 2016, unidentified hackers stole a total of $101 million from Bangladesh Bank’s account at the Federal Reserve Bank of New York, using fraudulent orders on the SWIFT payments system.

Of the amount, $20 million was transferred to Sri Lanka which was stopped. But the $81 million sent to accounts at Manila-based RCBC had disappeared into the casino industry in the Philippines.

This article was first published on banglatribune.com

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