Special Correspondent :Latest disclosure said hackers have stolen US$ 870 million from Bangladesh Bank accounts when Bangladesh Bank is claiming the loss of US$ 100 million (Tk 800 crore) from the government’s accounts held with Federal Reserves Bank in New York. The disclosure of stealing of additional US$ 870 million (Tk 6,960 cr) surfaced on Wednesday again in online news portal report ‘Inquirer.net’ registered in the Philippines. It further said the Bangladesh money ended in gambling of Philippines casinos, but the money has been stopped from changing hands and back to the country’s banking system as the theft became known and the central bank intervened into it. The same online portal earlier made the first disclosure of the US$ 100 million stealing by Chinese hackers prompting Bangladesh Bank to disclose the theft on Monday in Dhaka. The US$ 100 million was initially transferred by hackers on February 5 and it is not clear why the Bangladesh Bank authorities made the disclosure on Monday after more than a month. The central bank has also said in its first disclosure of the theft that US$ 20 million of the stolen fund has already been recovered from Sri Lanka. But it prompted many to question why the central bank held the incident secret so long and waited to inform the people the recovery of the partial fund along with the announcement of the theft. Why this attempt to cover up is yet to be cleared they said and questioned such attempt shows that the government and particularly the Finance Minister and Bangladesh Bank governor are incapable to protect the country’s reserves and the financial system. It shows their utter in-competency, they can’t evade responsibility, they must quit without delay. Many wondered why the Finance Minister on Monday said he had no information of the theft earlier while Bangladesh Bank’s disclosure said they are working to identify the hackers and recover the fund from early last month. A senior Bangladesh Bank official seeking anonymity told The New Nation on Wednesday that the central bank did not disclose the theft earlier considering the sensitivities of the incident. By this time it engaged an international cyber consultancy firm to probe into the matter and take steps to detect the source and identity of the hackers and take steps to recover the money. The question is that the Finance Minister surely knows all about it and may have even authorized the hiring of the cyber consultant. His denial of the knowledge of the theft thus smacks unusual.Former Deputy Governor of Bangladesh Bank Khondker Ibrahim Khaled told The New Nation yesterday that cyber crime breaking highly protected vaults is not anything new. Crime gangs are active all over. But for Bangladesh it is for the first time they targeted our financial system making the nation totally shocked with the ominous sign of bigger insecurity to our banking and financial system without visible moves to protect the system.He said cyber transaction is carried out under highly protective Swift code and transfer technology; there is no scope for outsiders to make access to the highly secretive system except three parties. It includes persons who operate the swift code system, besides concerned officials at Bangladesh Bank and at the end place where the reserves is being held in deposit, he said. Investigations must clear these issues. The Federal Reserves is claiming that they have informed Bangladesh Bank about the transaction requests but why the central bank was not prompt to act and save the fund is the question. Rather they held the entire incident secret that many can’t understand. Many fear some people in the concerned department of Bangladesh Bank may be involved in the scam which appears larger than initial disclosure of US$ 100 million. DB Police have seized passports of five officials and investigating into the matter.A former senior Bangladesh Bank official said nobody can enter the server that controls the transfer of fund without having swift codes. The question is if anybody made the codes available to the hackers. He said three midlevel officers of Bangladesh Bank are preserving the swift codes and the investigation must focus whether the secrecy was compromised. It involves another 870 million and the theft was carried out over the past several months. The question is why the Bangladesh Bank was not able to protect the fund and stop its swindling. Moreover why it has not yet made the disclosure when the people are picking the news of the biggest theft of government fund from global media. Referring to denial of Federal Reserve Bank of any theft of Bangladesh government fund from its New York branch, economist Mamun Rashid, who previously headed Citibank NA in Bangladesh, said he was sure the country would be able to recover the full amount.”Bangladesh is a client of the Federal Reserve Bank. They must take the responsibility for this incident, but we have to see whether we have lodged our complaint properly.”Since hacking has been a threat for years, he said clients should not suffer while depositing money with large banks. “Client’s right to safe deposit must be protected.”
