Asif Nazrul to head committee formed to oversee Bangladesh Bank heist probe

It has been given three months to submit recommendations

The interim government has formed a high-level committee headed by Law Advisor Asif Nazrul to review the Bangladesh Bank reserve theft.

The Cabinet Division issued a notification on Wednesday announcing the formation of the six-strong panel, which has been tasked with submitting recommendations within three months.

The committee includes Road Transport Advisor Md Fouzul Kabir Khan, Chief Advisor’s Special Assistant Faiz Ahmad Taiyeb, Governor Ahsan H Mansur, Biman Bangladesh Airlines Director Ali Ashfaq, and Rupali Bank Chairman Md Nazrul Huda.

It has been directed to assess the progress of investigations into the 2016 cyber heist, review the government’s actions on the matter, determine accountability, and propose measures to prevent a recurrence.

The Financial Institution Division will provide secretarial support to the committee, which can include additional members if necessary and convene meetings as required.

On Feb 5, 2016, hackers used fraudulent SWIFT codes to steal $81 million from Bangladesh Bank’s reserves at the Federal Reserve Bank of New York.

The stolen funds were transferred to three casinos in the Philippines.

While the Philippine government later recovered and returned $15 million from one casino owner, the remaining $66.4 million remains unaccounted for.

Three years after the heist, in 2019, Bangladesh Bank filed a lawsuit in the Manhattan Southern District Court in New York to recover the lost funds.

However, Rizal Commercial Banking Corporation, or RCBC, of the Philippines sought dismissal of the case.

In April 2022, a New York court ruled that it lacked “sufficient jurisdiction” to hear the case and dismissed it.

Bangladesh Bank later announced that it had filed a new lawsuit in a “competent” New York court.

Investigators suspected that an internal network within Bangladesh may have aided the heist.

The Criminal Investigation Department, or CID, identified 13 government officials, including former Bangladesh Bank chief Atiur Rahman, as suspects.

On Mar 15, 2016, Zubair Bin Huda, a joint director at the central bank’s Accounts and Budgeting Department, filed a case under the Money Laundering Prevention Act at Motijheel Police Station.

The case did not name specific individuals as accused.

The CID has been handling the investigation but has repeatedly sought extensions, delaying the submission of its final report in court.

Multiple hearings have been postponed, and the case has also seen changes in the investigating officers.

Against this backdrop, the Anti-Corruption Commission, or ACC, wrote to the CID on Dec 31, seeking responsibility for the case investigation.

However, the CID has yet to respond.