A significant development has emerged regarding the recovery of stolen funds from Bangladesh Bank’s reserves. Authorities have successfully seized USD 81 million from the Rizal Commercial Banking Corporation (RCBC) in the Philippines, directly linked to the 2016 cyber heist.
If the funds are returned, Bangladesh will be able to fully recover the entire amount lost in the country’s largest-ever reserve theft.
Confirming the matter on Sunday (21 September), CID’s Special Superintendent of Police (Media) Jasim Uddin Khan said:
“Through a court order, CID has managed to confiscate USD 81 million from RCBC in connection with the Bangladesh Bank reserve theft case.”
In February 2016, cybercriminals stole approximately USD 101 million from Bangladesh Bank’s account with the Federal Reserve Bank of New York using fraudulent SWIFT messages. Of this, about USD 20 million, routed to Sri Lanka, was flagged as suspicious and subsequently returned. The remaining USD 81 million was transferred into several fake accounts at RCBC’s Jupiter branch in Makati City, Philippines.
The stolen funds were later laundered through casinos, making the case one of the world’s most notorious cyber heists. Following the incident, Bangladesh Bank filed cases, leading to international investigations. In the Philippines, RCBC branch manager Maia Deguito was convicted of money laundering.
This breakthrough paves the way for Bangladesh to potentially close one of the darkest chapters in its financial history by regaining the stolen reserves.
