Rizal Bank sues Bangladesh central bank over cyber heist

Rizal Commercial Banking Corp (RCBC) is fighting back against a civil suit filed by the Bangladesh central bank seeking damages for a 2016 cyber heist, issuing its own legal action for defamation.

A total of $81 million was stolen from the Bangladesh bank’s accounts at the Federal Reserve Bank of New York in 2016 before being sent on to RCBC, from where it vanished into casinos, including Bloomberry Resorts’ Solaire Resort & Casino.

According to local media, RCBC claims  its reputation had come under a sustained “vicious and public attack” by Bangladesh Bank. It is seeking at least 100 million pesos ($1.9 million) in damages.

“Bangladesh Bank has embarked on a massive ploy and scheme to extort money from plaintiff RCBC by resorting to public defamation, harassment and threats geared towards destroying RCBC’s good name, reputation, and image,” the bank was reported as saying in a statement.

The lawsuit counters a separate civil suit brought by the Bangladesh bank seeking damages from Rizal, Bloomberry’s gaming unit and other Philippine companies and individuals.