Bangladesh will soon get back $81 million stolen from its foreign reserves in 2016, which had been frozen in the Philippines’ Rizal Commercial Banking Corporation (RCBC), said Criminal Investigation Department (CID) chief Additional IGP Mohammad Sibgat Ullah on Sunday.
Speaking at a press conference at CID Headquarters in Dhaka, the CID chief said the recovery marks a major step forward in Bangladesh’s long-running legal battle over the reserve theft.
The amount has already been seized through court proceedings in the Philippines. Following due process, the money will be repatriated to Bangladesh at the earliest possible time,” he told reporters.
He said the investigation into the reserve theft case is now at its final stage.
Whoever was involved—whether from home or abroad—will be brought under the law,” he added.
In February 2016, unidentified hackers carried out what is still regarded as one of the biggest cyber heists in history. They broke into Bangladesh Bank’s account with the Federal Reserve Bank of New York and attempted to transfer nearly US $1 billion. Of that, about $101 million was successfully moved.
Of the stolen funds, $81 million ended up in four fake accounts at RCBC’s Jupiter branch in Makati City, Philippines, and was later laundered through casinos. Another $20 million was routed to Sri Lanka, but the transfer was blocked due to a spelling error in the payment instructions. Bangladesh managed to recover that amount, along with about $18 million more from the Philippines in subsequent years.
The case drew global attention to the vulnerabilities of international banking systems and triggered investigations in multiple countries. The Philippines later convicted RCBC branch manager Maia Deguito of money laundering in connection with the case.
Bangladesh Bank filed the case in March 2016, and since then, CID has been working with the US Federal Bureau of Investigation (FBI), the Philippines’ National Bureau of Investigation, and the Central Bank of Sri Lanka to trace and recover the stolen funds.
With the seizure of the remaining $81 million in the Philippines, officials said Bangladesh is closer than ever to fully reclaiming the stolen money.