RCBC will be prosecuted for stealing reserve money
Rizal Commercial Banking Corporation of the Philippines (RCBC) will be sued in a New York court for stealing money from Bangladesh’s reserves. Bangladesh Bank said in a statement on Wednesday. Bangladesh Bank says two companies (casinos) have been exempted from the lawsuit filed in connection with the theft of reserve money.
Bangladesh Bank says it has charged 19 individuals and entities, including RCBC, in the case. The New York County Supreme Court has acquitted two casino companies, Bloomberg and Eastern Hawaii. The case was not dismissed outright. Therefore, the case will continue against the main accused RCBC.
New York’s Supreme Court on April 8 acquitted two casinos, Bloomberg and Eastern Hawaii in the Philippines, citing “lack of jurisdiction”. In addition to these two organizations, RCBC, Lorenzo Tan, Raul Tan, and Kim Aung filed separate petitions in the Supreme Court of New York between the accused persons and the organization to get relief from the case. The bail petitions of Bloomberg, Eastern Hawaii, and Kim Jong Un were heard on July 14. On April 8, a New York court ruled in favor of the case. Although Bloomberg and Eastern Hawaii were acquitted in that ruling, the court directed Kim Jong Un to respond to Bangladesh Bank’s allegations. The verdict against the rest of the accused has not been announced yet. Bangladesh Bank hopes that the court will rule against RCBC, the main accused in the case.
On February 4, 2016, ৮ 81 million was stolen from the reserve account of Bangladesh Bank kept in the Federal Reserve Bank of New York. Most of which have not yet returned. Bangladesh Bank first filed a case in the US Federal Court in this incident. That court rejected RCBC’s motion for dismissal. The order stated that the theft was from the Federal Reserve Bank of New York. Undoubtedly, the fraudulent transfer of money, including payment orders, took place in New York. In this regard, the legal entity appointed on behalf of Bangladesh Bank hopes that the New York court will give a positive verdict in favor of Bangladesh Bank on the motion of dismissal application of RCBC, the main accused in the case.
Bangladesh Bank filed a case against 19 individuals and organizations in a US court on May 26, 2020, for stealing reserve money.