BB to sue Manila bank to recover stolen fund

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MNA Business Desk: Bangladesh Bank has decided to sue a Philippines bank in a US court for damages over the 2016 heist of its central bank’s reserve.

Unidentified hackers stole $81 million from Bangladesh Bank’s account at the New York Fed, using fraudulent orders on the SWIFT payments system.

The fund was sent to Manila-based Rizal Commercial Banking Corp or RCBC and then disappeared into the casino industry in the Philippines.

Finance Minister AMA Muhith on Wednesday first confirmed Bangladesh’s move to start the lawsuit. The Bangladesh Bank provided details in a media briefing later in the day.

The case will be filed in New York in two to three months, he said.