BB reserve heist: US court greenlights case against Rizal
The New York Supreme Court in the United States has greenlighted the Bangladesh Bank's case against the Philippines' Rizal Commercial Banking Corp. (RCBC), regarding the $81-million cyber heist in 2016.
Now, the RCBC is studying its next moves, reports Inquirer.net, a local news outlet in the Philippines.
According to a letter submitted to stock exchange in the Philippines, the Rizal Bank said it received a decision from a US High Court on 29 February.
The Appellate Division, first judicial department of the Supreme Court of the State of New York, ruled that the case can proceed against RCBC and the remaining defendants on the other causes of action, including the return of money received.
According to a letter submitted to stock exchange in the Philippines, the Rizal Bank said it received a decision from a US High Court on 29 February. The Appellate Division, first judicial department of the Supreme Court of the State of New York, ruled that the case can proceed against RCBC and the remaining defendants on the other causes of action, including the return of money received
At the same time, the court ruled to dismiss three causes of action—conversion, aiding and abetting conversion, and conspiracy to commit conversion—against the RCBC and all associated defendants.
It also dismissed the case against four RCBC defendants – Ismael Reyes, Brigitte Capiña, Romualdo Agarrado and Nestor Pineda – for lack of personal jurisdiction.
“The bank is considering whether or not to appeal this decision and order,” RCBC said.
The Bangladesh Bank filed the case at the US court on 27 May 2020, accusing 19 individuals and entities. The allegations were conversion/ theft/ misappropriation; aiding and abetting the same; conspiracy to commit the same; fraud; aiding and abetting and conspiracy to commit fraud; conspiracy to commit trespass against chattels; unjust enrichment; and return of money received.
Without ruling on the merits of the case, the court confirmed its jurisdiction over RCBC and the individual defendants in a decision on 14 Jan 2023.
In February 2016, criminals used fraudulent orders on the SWIFT payments system to steal $81 million from the Bangladesh central bank's account at the Federal Reserve Bank of New York.
They managed to steal $101 million, out of which $20 million was sent to Sri Lanka, and later recovered.
However, the remaining $81 million went to various casinos in the Philippines via the RCBC. A total of $34.6 million has been recovered so far.