Philippine authorities seize $81 million linked to BB heist

Philippine authorities have seized 81 million US dollars at Rizal Commercial Banking Corporation (RCBC) in connection with the notorious Bangladesh Bank reserve theft case.

The seizure was confirmed on Sunday (September 21) by Special Police Superintendent Jasim Uddin Khan of the Criminal Investigation Department (CID) of Bangladesh Police.

In February 2016, hackers stole 81 million dollars from Bangladesh Bank’s account at the Federal Reserve Bank in the United States using the SWIFT system. A large portion of the laundered money, routed through RCBC in Makati City, Philippines, had been tied up in seizure proceedings for years. After extensive legal battles and international cooperation, the funds have finally been confiscated.

The CID has stated that the process of repatriating the seized money to Bangladesh has already begun.

The case traces back to March 15, 2016, when Zobayer Bin Huda, Deputy Director of Bangladesh Bank’s Accounts and Budgeting Department, filed a case at Motijheel Police Station. The case was filed under the Money Laundering Prevention Act-2012 (Amendment 2015), the Information and Communication Technology Act-2006, and relevant sections of the Penal Code. The investigation remains ongoing under the CID.