Dhaka, Bangladesh (BBN) – The central bank of Bangladesh has kept its entire US$81 million stolen fund in other assets as other receivable in the balance-sheet for the fiscal year (FY) 2015-16.
The approval was given in a meeting of the Bangladesh Bank (BB)’s board of directors meeting held at its headquarters on Monday with Governor Fazle Kabir in the chair.
“The central bank has kept its stolen money in other assets as other receivable in Bangladesh Bank’s Accounts for 2015-16,” a BB director told BBN in Dhaka after the meeting.
He also said the BB’s top decision making body has taken such decision as commercial auditors have expressed satisfaction over recovery initiatives by the central bank of Bangladesh. “We’re still working to recover the entire $81 million stolen money from the Philippines.”
Talking to BBN, a BB senior official said the stolen $81 million has already been deducted from the BB’s reserve in line with the International Financial Reporting Standard (IFRS).
The cyber fraud took place on the night of February 4 through sending a total of 35 transfer orders into the US Federal Reserve Bank in New York, where the central bank of Bangladesh maintains a foreign-exchange account.
Nearly $ 20 million of the $ 101 million siphoned off money was recovered from Sri Lanka. The lion’s share of the money landed in the Philippines.