Bangladesh to file case against US Federal Reserve Bank if needs: Finance minister

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Dhaka, Mar 8: Bangladesh will file case against the Federal Reserve Bank of New York if needed to return the fund that hacked from the Bangladesh Bank (BB), Finance Minister AMA Muhith has said on Tuesday.

Primary investigation reported that the hackers shifted about Tk.800 crore (US$ 10 crore) from Bangladesh Bank foreign reserve through the Federal Reserve Bank of New York.

Meanwhile, the authority of the Federal Reserve Bank of New York on Monday said that it had no evidence of any breach of its systems related to an account held there by Bangladesh’s central bank, according to a report by Wall Street Journal.

“The matter is very sad. Such incident never happens in the past. I didn’t know about it—meantime I got a SMS from the BB governor. Governor told me over phone that the hackers from the Federal Reserve Bank of USA has hacked the BB fund,” the finance minister told reporters at the secretariat on Tuesday.

The BB authority will see the matter if they have any response in this regard—but here BB has no fault, the minister added.

Muhith said, “it is the responsibility of the Federal Reserve Bank of New York because they handled the foreign reserve. The problem is arisen in their bank but now they are denying.”

“So far as I know—a message was sent to BB from the Federal Reserve Bank of New York regarding releasing of fund. But the Federal bank released the money before getting the BB message. The BB sent message to Federal bank authority not to release the fund describing it as it might be the act of evil people. There is no relation of BB in this fund releasing message. So, the Federal bank never avoid their responsibility,” the finance minister said.

However, the New York Fed issued the statement after Reuters reported Bangladesh’s central bank “said on Monday its account at the US Federal Reserve had been hacked and money was stolen.”Federal Bank of New York

A spokeswoman for the New York Fed, responding to questions about the story, said in a statement: “To date, there is no evidence of any attempt to penetrate Federal Reserve systems in connection with the payments in question, and there is no evidence that any Fed systems were compromised.”

The New York Fed offers transaction services to about 250 foreign central banks and government-related entities around the world as part of its broader payments services.

The Fed spokeswoman declined to comment about whether the New York Fed would look into the matter further, or about any recent fluctuations in the Bangladesh Bank’s account.

A representative at the Bangladesh Bank couldn’t immediately be reached for comment.

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