BD to file case with New York court by next January

Special Correspondent: Bangladesh is going to file a case with New York court to get back the reserve stolen from the central bank's account with the Federal Reserve Bank of New York in 2016.

The authority has already sought pre-qualification information from four law farms there in this regard. Of which, a law farm will get the power of attorney to run the case, according to sources concerned.

Some decisions were taken in a meeting, chaired by finance minister Abul Maal Abdul Muhith, of the taskforce formed in this regard at the Secretariat on Sunday morning, sources said.

The sources said there is possibility of returning $28 million from Philippines. After receiving the money, the case will be thought on different angles. But until the money is not returned, Bangladesh is taking preparations to file case against the Federal Reserve Bank and the Philippines.

On February 4, 2016, hackers broke into the BB's systems and generated 70 fake payment orders for the NY Fed to draw about $1.94 billion.

While the NY Fed's security system flagged the payment orders, five of them fell through, and $101 million against them was released. Of the amount, $81 million was wired to the Philippines (RCBC branch in Manila) and $20 million to Sri Lanka.

Sri Lanka sent back the entire sum immediately and the Philippines just $15 million in November 2016.

Of the $67 million yet to be retrieved, the Philippines authorities could trace $52.50 million, which is now in possession of several individuals and companies.
 

risingbd/August 05, 2018/Hasnat/A K Azad