BB to take legal action against Filipino bank RCBC | 2017-10-23 |

BB to take legal action against Filipino bank RCBC

Staff Correspondent     23rd October, 2017 02:15:57 printer

BB to take legal action against Filipino bank RCBC

Bangladesh Bank (BB) will take legal action against Filipino bank RCBC after disposal of ongoing cases at court for recovery of remaining $ 66.4 million transacted to different foreign accounts through cyber heist.


Earlier, RCBC (Rizal Commercial Banking Corporation) returned $ 14.54 million following a court order on November 10, 2016, according to a BB statement issued on Sunday.


The BB authorities issued the statement for updating media about the latest development of legal procedure of the cyber heist that occurred last year.


The statement mentioned that the Federal Reserve Bank of New York, Bangladesh Bank and global financial messaging service provider SWIFT had vowed to work together for recovery of $81 million stolen from the BB account of the Federal Reserve Bank, last year.


The BB statement claimed the offence to be an inter-continental ‘Transnational Organised Crime’.


The Philippines authorities have frozen the accounts of a casino owner where $ 29 million was transacted and $ 17 million went to the money transaction company, Philrem account, found in the Filipino investigation.


Representatives of the three organisations met in New York on Monday as part of their ongoing discussions over the cyber heist, according to a joint statement issued in this regard.


Philippines Department of Justice filed a criminal case against seven officials and RCBC Bank chief executive officer promised to the national senate to return entire amount once they are convicted by the court, the BB statement said.