A Dhaka court has set October 19 as the new date for submission of the investigation report in the long-running case over the theft of $81 million from Bangladesh Bank’s foreign exchange reserves in one of the world’s most notorious cyber heists.
The court had been scheduled to receive the investigation report on Monday, September 14. However, the Criminal Investigation Department (CID) of Bangladesh Police, which is investigating the case, failed to submit the report on the scheduled date.
Following the failure to submit the report, Additional Chief Metropolitan Magistrate of Dhaka Joshita Islam fixed October 19 as the next date for submission. Rokonuzzaman, a sub-inspector of the Dhaka Metropolitan Police’s Prosecution Division, confirmed the development to the media. $81 million stolen through cyberattack
The case relates to the February 2016 cyber heist in which hackers exploited the international SWIFT (Society for Worldwide Interbank Financial Telecommunication) messaging system to issue fraudulent payment instructions targeting Bangladesh Bank’s account at the Federal Reserve Bank of New York.
On February 5, 2016, the attackers succeeded in transferring approximately $81 million from Bangladesh’s reserves. The stolen funds were subsequently routed to the Philippines, where a substantial portion disappeared through the country’s financial and casino networks.
The attack attracted international attention because of the sophistication of the operation and the apparent involvement of multiple individuals and entities across jurisdictions. Investigators and officials have long suspected that the hackers may have received assistance from individuals or a group operating inside Bangladesh. The investigation has therefore sought to determine not only how the cyberattack was carried out but also whether anyone within Bangladesh helped the perpetrators access information, bypass security measures or facilitate the transfer of the stolen funds.
Case filed in March 2016
Following the heist, Bangladesh Bank official Zobayer Bin Huda, then deputy director of the bank’s Accounts and Budgeting Department, filed a case with Motijheel Police Station on March 15, 2016.
The case was filed against unidentified individuals under Section 4 of the Money Laundering Prevention Act, 2012, as amended in 2015, along with relevant provisions of the Information and Communication Technology Act, 2006, and Section 379 of the Penal Code, relating to theft.
The case was subsequently handed over to the CID, which has been conducting the investigation.
One of the biggest financial cyber heists
The Bangladesh Bank heist remains one of the most significant cyber-enabled financial crimes in history. The attackers reportedly attempted to steal nearly $1 billion by sending a series of fraudulent payment instructions through the SWIFT system.
Most of the attempted transactions were blocked, but four transfers worth around $81 million were successfully executed. Another attempted transfer of approximately $20 million was reportedly stopped after a spelling error in the payment instruction raised suspicion.
The successful transfers were sent to accounts in the Philippines. Investigations later traced the money through several individuals and businesses before much of it vanished.
The incident exposed serious weaknesses in Bangladesh Bank’s cyber and financial security systems and prompted renewed international scrutiny of the security of cross-border banking transactions.
Long-awaited investigation report
The repeated delays in submitting the investigation report have kept the case unresolved for years. The latest extension means investigators now have until October 19 to present their findings before the court.
The report is expected to be important in determining the progress of the criminal investigation, including whether investigators have been able to identify those directly involved in the cyberattack, those who allegedly assisted from within Bangladesh and individuals who may have helped launder or move the stolen funds.
The case has remained closely watched because of the enormous financial loss, its international dimensions and the continuing questions surrounding how the attackers obtained access to the Bangladesh Bank payment system.
The court’s decision to set a fresh deadline on October 19 therefore marks another significant stage in a case that has remained pending for more than a decade.
