THE committee constituted for probing the $100 million heist from the Bangladesh Bank’s account with US Federal Reserve Bank submitted its preliminary report to Finance Minister AMA Muhith on Wednesday and people believe that the report will essentially disclose the identity of persons – locals and foreign — and how they have hacked the highly sensitive transfer system. As a case of targeted attack, using vulnerability exploit tactics, the heist will remain one of the most profiled cyber crimes in the global banking sector. Breaking the regular pattern of not publishing the probe report, handing over the interim report by Dr Mohammad Farashuddin-led three-member committee within the stipulated time is however a good sign. Needless to say, the incident has indicated the utter mismanagement and disarrayed nature of cyber security in the Central Bank. In our view the report will highlight the mess and pinpoint the responsibility within the Central Bank to use it as a wakeup call for the safety of the country’s entire banking sector.In tracing the big money heist, the Philippines government has already made a big breakthrough in identifying the people who transferred the money from New York and received the cash in Philippines and then moved it to local casinos. The Senate Committee is regularly holding the hearing and forcing the perpetrators to refund the money and also already got some money back. But on Bangladesh side the picture is not all that clear as the investigation remained largely secretive and there is no regular sharing of the findings. In this background, the presentation of Farashuddin Committee report to Finance Minister AMA Muhith appears to be the first high profile findings, which people believe to have unearthed the mystery behind the money heist. Muhith has said he would brief the press after reading the report; but question remains whether or not he would make the report public along with briefing the media sometime from now. There is a growing apprehension that the authorities may avoid publishing the full report like the stock market scam report in 2010, Hall Mark scam report over swindling money of Sonali Bank and on such other sensitive issues. The money heist from the account of the Central Bank has been already highly embarrassing to the government but in our view sidetracking the report; which previous governments have also practiced to hide critical issues, may prove more embarrassing for the government. The money stolen from Bangladesh Bank belongs to the people and the people have every right to know what is in Farashuddin’s report. Although our frank view is that there will not be much about involvement of those responsible. We hope we prove wrong.
