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22 September 2023

Business Insider Bangladesh

RCBC appeals US court loss to Bangladesh

BI Desk || BusinessInsider

Published: 20:47, 20 January 2023  
RCBC appeals US court loss to Bangladesh

Photo: Collected

The Manila-based Rizal Commercial Banking Corporation (RCBC) has appealed to the New York Supreme Court to dismiss the lawsuit filed by the Bank of Bangladesh in connection with the $81 million cyber heist in 2016.

“RCBC filed before the Supreme Court of the State of New York its notice of appeal from the denial of its motion to dismiss,” media reports citing the lender’s stock exchange filing on Friday.

RBCB at the centre of an unsolved $81 million cyber heist has appealed a New York Supreme Court decision to dismiss the bank’s motion to throw out the Bangladesh central bank’s lawsuit against it.

In February 2016, unidentified hackers used fraudulent orders on the SWIFT payments system to steal $81 million from Bangladesh Bank’s account at the Federal Reserve Bank of New York. The money was sent to accounts at RBCB and then vanished into the casino industry in the Philippines.

Some of the money was allowed to be transacted via correspondent banks in New York before being wired to fictitious accounts with RCBC. The money was withdrawn and later disappeared.

Bangladesh Bank is seeking to recover $81 million in stolen funds, which was allegedly lost to North Korean hackers and has accused RCBC and several others, including top executives, of conspiring to steal its money.