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Philippine bank and Bangladesh play blame game over missing millions

RCBC says Bangladesh Bank is responsible for its own breach; Bangladesh's law minister argues that RCBC should shoulder burden for accepting stolen cash

Published Tue, Nov 29, 2016 · 09:50 PM
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Manila

PHILIPPINE lender RCBC and a Bangladeshi minister traded blame on Tuesday over liability for tens of millions of dollars that were looted from a New York bank and then went missing in Manila after one of the biggest bank frauds ever.

Unknown cyber criminals tried to steal nearly US$1 billion from Bangladesh Bank in February and managed to make off with US$81 million via an account at the New York Federal Reserve. That was transferred to four accounts with bogus names at one RCBC branch in Manila before vanishing.

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