In a major breakthrough in one of the world’s most notorious cyber heists, Bangladeshi authorities have successfully seized $81 million in the Philippines — funds stolen from Bangladesh Bank in 2016 through a sophisticated SWIFT-based cyber fraud.
The Criminal Investigation Department (CID) confirmed Sunday that, acting on a court order, it has frozen and seized the funds held in accounts at the Rizal Commercial Banking Corporation (RCBC) in Manila. The seizure marks the largest recovery to date from the $101 million stolen in the historic breach.
In February 2016, cybercriminals infiltrated Bangladesh Bank’s systems and issued 35 fraudulent SWIFT payment instructions to the US Federal Reserve Bank in New York, attempting to siphon off $1 billion from the country’s foreign reserves. While most transactions were blocked, $101 million was successfully transferred.
Of that, $20 million was routed to Sri Lanka — later recovered after authorities flagged the transactions. The remaining $81 million was funnelled through RCBC accounts in the Philippines and quickly dispersed to casinos and other entities, sparking an international investigation.
CID Special Police Superintendent (Media) Jasim Uddin Khan confirmed the seizure on Sunday, stating that the operation was carried out in close coordination with Philippine judicial authorities and under the legal frameworks of Bangladesh’s Prevention of Money Laundering Act and the Information Technology Act.
“This is a historic milestone in our efforts to recover the stolen funds and hold those responsible accountable,” Khan said.
A CID source added that, pending completion of international legal procedures and formal repatriation protocols, the seized funds will be returned to Bangladesh Bank’s reserves.
Additional Inspector General of Police (Addl. IGP) and CID Chief Md. Sibgat Ullah is scheduled to hold a press conference Sunday afternoon at the CID headquarters in Malibagh, Dhaka, to provide further details on the seizure, the legal process, and next steps in the ongoing investigation.
The 2016 heist remains one of the most audacious cybercrimes in global banking history. While full recovery of the stolen funds has remained elusive for years, this seizure represents a significant victory for international law enforcement collaboration and Bangladesh’s persistent pursuit of justice.
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