Tag Archives: Heist

BD team to sit with defendants of reserve heist case

heist

MNA Business Desk: A team of Bangladesh Bank officials and lawyers will sit with the Filipino defendants of a case over the central bank cyber-heist to recover the stolen funds. The delegation will depart for the Philippines next week as part of the government’s continued efforts to recover the stolen reserves, said the central bank’s chief counsel Ajmalul Hossain QC. He too would be a part of the team, the lawyer told reporters in Dhaka on Monday, reports bdnews24.com. Their visit to the Philippines will aim to “recover the stolen funds through a settlement after discussion”, according to Hossain. “We ...

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US Feds to back BB as cyber-heist lawsuit kicks off

cyber

MNA Business Desk: The Federal Reserve will lend a hand to Bangladesh’s central bank as it sues to recoup losses from one of the world’s largest cyber heists, even while the Philippine bank targeted by the lawsuit on Friday called it baseless and beyond US jurisdiction. The New York Fed’s formal agreement to provide “technical assistance” could spell some relief for Bangladesh Bank and sets the stage for its long-promised litigation over the February 2016 heist of $81 million, of which only $15 million has been recovered. Unidentified hackers pulled off the heist by breaching Bangladesh’s systems and using the ...

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Reserve heist: BB to file case against Philippines bank on Wednesday

heist

MNA Business Desk: The Bangladesh Bank will file a suit against Rizal Commercial Banking Corp and several undisclosed individuals over the heist of $81 million from its account at the New York Federal Reserve. The suit will be filed with a New York court on Wednesday, with the aim of retrieving the stolen reserve, said central bank governor Fazle Kabir. All preparations for the case against the Manila-based bank and others are completed and a legal team representing the central bank is already in New York, he said at a media briefing in Dhaka, reports bdnews24. “The purpose of the ...

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Case to be lodged over BB reserve heist this month

reserve

MNA Business Desk: Bangladesh will lodge case in New York within this month to get back the money stolen from the central bank (BB) reserve, said Finance Minister AHM Mustafa Kamal. “We’ve taken preparation to file the case. It would be filed in New York by this month as the theft happened there,” said the Finance Minister. Mustafa Kamal made the disclosure to the reporters after a three-hour meeting with officials concerned, including the BB Governor Fazle Kabir, on the reserve theft at the Secretariat on Sunday. “A lawyer from Bangladesh and another from New York to look after the ...

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BB Cyber Heist: Philippines jails ex-bank manager

manager

MNA Business Desk: Philippine court on Thursday held a former bank manager guilty on eight counts of money laundering, the first conviction in one of the world’s largest cyber heists, in which $81 million was stolen from Bangladesh’s central bank nearly three years ago, reports Reuters. The regional court sentenced Maia Deguito, a former branch manager at Manila-based Rizal Commercial Banking Corp (RCBC), to a jail term ranging from 32 to 56 years, with each count carrying four to seven years. She was also ordered to pay a total fine of about $109 million. In February 2016, unknown criminals used ...

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BB to sue Manila bank to recover stolen fund

Community Bank

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 ...

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23 foreign citizens involved in BB heist: CID

CID

MNA Business Desk: The Criminal Investigation Department (CID) of police on Saturday claimed that they have found the involvement of 23 foreigners in the $ 101-million cyber heist from Bangladesh Bank’s account with the US Federal Reserve Bank. The foreigners collected the heist money from the Philippines casino and handed over to the mastermind.He, however, did not disclose the names of the countries. “Apparently, the mastermind of the heist collected the transferred money though Philippines casino and cashed out the sum using 23 field operatives,” Additional Deputy Inspector General Shah Alam of CID (Organised Crime) told reporters. “We are trying ...

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Investigation body passed report of BB heist

investigation

MNA Business Desk: The investigation body designed to investigate the reserve heist of Bangladesh Bank (BB) has passed over its full report to Finance Minister AMA Muhith. Head of the government-formed investigation board, Dr. Farasuddin, who was a previous governor of the central bank, submitted the full analysis report to the minister. Later after getting the report, Muhith said it will be circulated soon and the recommendations which were made in the report will be executed. On April 20, the probe body had handed over its interim report to the finance minister. Earlier, Criminal Investigation Department (CID) said, at least ...

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Sonali Bank cyber theft probed for links to BB heist

cyber

MNA National Desk: According to report, Sonali Bank cyber theft is being probed by Bangladesh Government in 2013 for links to the heist at BB. Bangladeshi law enforcement agency are reviewing a nearly forgotten 2013 cyber heist at the nation’s largest commercial bank, Sonali Bank for connections to February’s $81 million heist at the country’s central bank, Bangladesh Bank, a senior police official said on Wednesday. The unexplained theft of $250,000 at Sonali Bank complicated fraudulent transmission requests sent over the SWIFT international payments network. It is not widely known outside of Bangladesh, and in fact was preserved as a ...

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