Bangladesh sues Philippine bank in New York over heist

By Md. Kamruzzaman

DHAKA, Bangladesh (AA) - Bangladesh’s central bank has filed a lawsuit in a New York court against Manila-based bank over the cyber heist of its reserves nearly three years ago, an official said on Friday.

Abu Hena Mohammed Raji Hasan, head of Bangladesh Finance Intelligence Unit of the central bank, told Anadolu Agency that after long consultation with concerned lawyers and law firm they have filed the case.

“We are prepared to face all law procedures including hearing at court,” he said, adding concerned lawyers have already scrutinized all findings and documents that they will raise before the court.

Hasan added that they filed the case through online and the court in Manhattan in New York City accepted the lawsuit.

Cyber criminals moved the money, highest ever in Bangladesh’s history, from Bangladesh’s account at the Federal Reserve Bank of New York and wired to some private accounts of Philippines' Rizal Commercial Banking Corporation in early February 2016.

The hackers broke into the central bank's system and generated 70 fake payment orders and drained out $81 million from the reserve fund.

Later, the amount was channeled to some other accounts including those of some gambling operations and a casino. However, only $14.54 million was returned after the theft came to light, according to the Bangladesh Bank.