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Muhith: Govt to file case against NY Federal Reserve

  • Published at 11:57 am November 30th, 2016
  • Last updated at 02:02 pm November 30th, 2016
Muhith: Govt to file case against NY Federal Reserve
"We will discuss the issues further once Law Minister Anisul Huq has returned from the Philippines," Muhith said after a meeting of the Cabinet committee on economic affairs at the secretariat on Wednesday. The minister also said he was surprised on the latest stand of Rizal Commercial Banking Corp (RCBC) and termed it as "strange turnaround". The RCBC in the Philippines recently said it is not liable to compensate Bangladesh for the bank heist money deposited in its accounts and instead blamed the central bank in Dhaka for being "negligent". The RCBC said it would not compensate Bangladesh because of the initial security breach was Bangladesh's own fault. A high-level delegation from Bangladesh including Law Minister Anisul Huq and Bangladesh Bank Governor Fazle Kabir is now in Manila to push for the recovery of the stolen money. Unknown cyber criminals tried to steal nearly $1bn from the Bangladesh Bank in February in one of the biggest bank frauds ever. They succeeded in transferring around $81m via an account at the New York Federal Reserve to four accounts in fake names at a branch of Rizal Commercial Banking Corp (RCBC) in Manila. Most of the money was laundered through casinos in Manila and remains missing.
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