Probe Report in BB Reserve Heist Case Set for Sep 29

A Dhaka court on Tuesday fixed September 29 as the new date for the submission of the probe report in the high-profile Bangladesh Bank (BB) reserve heist case, which dates back to 2016.

Dhaka Additional Chief Metropolitan Magistrate Jakir Hossain rescheduled the hearing after the Criminal Investigation Department (CID), the agency responsible for the investigation, failed to submit the report as planned today.

The case involves one of the largest cyber heists in Bangladesh's history. According to court records, unidentified hackers siphoned off $101 million from Bangladesh Bank's accounts held with the Federal Reserve Bank of New York in February 2016. Of this amount, $81 million was transferred to four separate accounts at the Rizal Commercial Banking Corporation (RCBC) in the Philippines, while an attempted transfer of $20 million to a bank in Sri Lanka was unsuccessful due to a spelling error in the beneficiary account details.

Subsequent recovery efforts led to the retrieval of approximately $15 million from the Philippines. However, the remaining funds remain unaccounted for, and investigations have been ongoing for years, involving multiple domestic and international agencies.

Bangladesh Bank Deputy Director for Accounts and Budgeting, Zobayer Bin Huda, lodged the case with Motijheel Police Station on March 15, 2016, following the shocking discovery of the fraudulent transfers. The case has since drawn national and international attention, highlighting vulnerabilities in global banking cybersecurity systems and prompting calls for stronger safeguards.

As the probe report submission nears, both the court and the public await crucial updates that could shed light on the progress of the investigation and potential accountability measures for the massive financial breach.