Reserve Robbery Review Remains Delayed by 2 Months
The deadline for submitting recommendations by the high-level review committee on the central bank reserve theft has been extended by two months, now set for December 31, according to a notification issued by the Cabinet Division on Sunday, November 9.
Earlier, on March 11, the government formed a senior committee headed by Law Adviser Asif Nazrul to review the central bank reserve theft case. The committee was initially asked to submit its recommendations within three months, but the deadline has been extended twice. The previous deadline expired on October 31.
The committee includes the following members: Adviser for Road Transport, Bridges, and Power, Energy, and Mineral Resources Muhammad Fauzul Kabir Khan; Special Assistant to the Chief Adviser on Posts, Telecommunications, and Information Technology Foyez Ahmad Taiyeb; Bangladesh Bank Governor Dr. Ahsan H. Mansur; Director of Biman Bangladesh Airlines Ali Ashfaq; and Rupali Bank Chairman Md. Nazrul Huda.
The committee’s mandate is to review the progress of the investigation into the 2016 central bank reserve theft, evaluate other government measures taken in response, determine accountability, and provide recommendations to prevent such incidents from recurring.
On February 4, 2016, USD 81 million was stolen from Bangladesh Bank’s reserves. Unknown individuals exploited the SWIFT payment system to fraudulently transfer the funds from Bangladesh Bank’s account at the Federal Reserve Bank of New York.
Legal proceedings are ongoing both in New York and in Dhaka. On September 21, a Dhaka court ordered the seizure of USD 81 million from the Rizal Commercial Banking Corporation (RCBC) in the Philippines.
The stolen funds had been transferred to three casinos in the Philippines. While USD 15 million was recovered from one casino owner and returned to the Bangladesh government, the remaining USD 66.4 million has not been recovered.
On March 15, 2016, Zubayer Bin Huda, Deputy Director of the Accounts and Budgeting Division of Bangladesh Bank, filed a case at Motijheel Police Station under the Anti-Money Laundering Act. No individuals have been directly named as defendants.
The investigation is being conducted by the CID, which has repeatedly missed deadlines for submitting its reports.
