Philippines returns $15 million stolen from Bangladesh Bank in cyber heist

Part of the $ 81 million, stolen from Bangladesh bank's Federal Reserve account in New York and transferred to bank accounts in Philippines, has been recovered.

Chief Economics Correspondentbdnews24.com
Published : 12 Nov 2016, 10:39 AM
Updated : 12 Nov 2016, 11:31 AM

Officials in Manila have handed over $15 million of the stolen funds, Bangladesh Bank Deputy Governor Abu Hena M Razee Hassan told bdnews24.com.

"Our ambassador has received the fund. It's being processed and will be added to the forex reserve by Monday or Tuesday," he said.

Hackers tried to steal nearly $1 billion from Bangladesh Bank's account with the NY Fed in February and succeeded in transferring $81 million to four accounts at Rizal Commercial Banking Corp in Manila.

The fund was wired to the accounts of junket operators after which it found its way to casinos.

A Philippine court in September ruled that Bangladesh Bank was the rightful owner of around $15 million surrendered by casino boss Kim Wong and his Eastern Hawaii Leisure Company.