Wednesday 12 December
Oct 8, 2018 @ 18:24

Bangladesh Bank to seek US help in recovering $81 cyberheist in PH


Bangladesh Bank is planning to seek assistance from the United States to recover the bulk of the $81 million looted in the Philippines two years ago.

Ajmalul Hossain, lead counsel for Bangladesh Bank, said the bank’s plan to seek help from the US was part of alternative measures to recover the money which has so far been stalled in the Philippines.

In February 2016, unidentified hackers, allegedly from North Korea, stole $81 million from the Bangladesh Bank’s account in New York Fed and transferred it to different fake accounts in Rizal Commercial Banking Corporation (RCBC) and was laundered through casinos in the country.

Hossain expressed concern that it could take long before Bangladesh could get the entire amount back considering the slow pace of legal system in the Philippines.

“It is not unusual globally because there are cases like this that take much time and not just in the Philippines. We have a rush because the money belongs to the people of Bangladesh and they are out of pocket as it were since February 2016,” he said.

Bangladesh Bank was able to retrieve only $15 million dollars from the Philippines after two years of investigation.

Due to its failure to prevent the withdrawal of stolen funds, the BSP ordered RCBC to pay 1-billion fine. (PNA)

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