South Asia | Chinese men moved stolen Bangladesh millions to Philippines

Chinese men moved stolen Bangladesh millions to Philippines

March 29, 2016 12:47 PM (UTC+8)

 

(From AFP)

Two Chinese men were responsible for moving $81 million stolen by hackers from Bangladesh’s foreign reserves into Philippine casinos, an inquiry in Manila heard on Tuesday.

Following the heist, the millions stolen from the Bangladesh central bank’s American accounts on February 5 were immediately sent via electronic transfer to a Philippine bank.

The dollar accounts where the stolen funds landed were reportedly opened by two men, Sua Hua Gao from Beijing and a Macau associate identified only as Mr. Ding, in Manila’s Rizal Commercial Banking Corp (RCBC) nine months before the theft.

casino“Two foreigners were responsible for bringing in the $81 million,” casino operator Kim Wong said at a Senate hearing in Manila.

A portion of the money was later converted into Philippine pesos and deposited into Wong’s account at a Manila mega-casino where the junket operator is based, Filipino investigators have alleged.

Wong said he did not know that the money was stolen from Bangladesh’s foreign reserves, which were kept at the United States Federal Reserve in New York.

Wong and another Chinese casino junket operator, Weikang Xu, are under criminal investigation by Filipino prosecutors for their alleged role in laundering the proceeds of the heist. Read more

 

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