Home / Internet / Chinese Casino Junket Operator Returns Part of Funds Stolen in Bangladesh Heist

Chinese Casino Junket Operator Returns Part of Funds Stolen in Bangladesh Heist

A Chinese casino junket operator on Thursday returned $4.63 million of the $81 million that hackers stole from the Bangladesh central bank’s account in the US Federal Reserve Bank and laundered in Manila’s casinos, officials said.

Kam Sin Wong, a longtime Manila-based businessman, surrendered the money from one of the world’s largest cyber-heists to Philippine anti-money laundering officials and the Bangladeshi ambassador.

Chinese Casino Junket Operator Returns Part of Funds Stolen in Bangladesh Heist

Ambassador John Gomes thanked Philippine officials and said Bangladeshi investigators will fly to Manila next week and coordinate with their Filipino counterparts to find out how the stolen money was funneled into the Philippines and who was responsible.

“The whole world is looking upon Bangladesh … what we are going to do to recover this money,” Gomes told a news conference after receiving the partial amount with Philippine authorities at Manila’s central bank.

Philippine officials assured Gomes that the money will be found and returned to Bangladesh, and he said “I see signs of that happening now.”

The $4.63 million will be kept in a Philippine central bank vault until arrangements are made for its return to Bangladesh, said Julia Bacay Abad of the Philippines’ Anti-Money Laundering Council.

Wong told ABS-CBN TV that he is also willing to return 450 million pesos (nearly $10 million) that was given to him as a debt repayment by one of two Chinese high rollers who allegedly transferred the stolen Bangladesh money to the Philippines.

Asked if Wong would no longer face possible criminal charges, Abad said “the return of the money does not necessarily mean that criminal liability will be erased.”

Wong has denied involvement in the cyber-heist but told a recent Senate inquiry he was able to keep some of the money from his casino junket transactions with the two Chinese men, whom he identified as Gao Shuhua from Beijing and Ding Zhize from Macau.

Wong told the Senate hearing that Gao told him that he and Ding had money from the closure of their Macau casino and a land sale in China that they wanted to invest in the Philippines. Philippine authorities are trying to get details on the two Chinese men.

The $81 million laundered in the Philippines is part of $101 million that was stolen by hackers from the Bangladesh account at the Federal Reserve Bank in New York and then moved online to the Philippines and Sri Lanka.

(Also see:  Bangladesh Bank Says Hackers Tried to Steal $951 Million)

A Philippine Senate inquiry has shown that the $81 million was diverted to bank accounts created with fictitious names at a branch of the Rizal Commercial Banking Corp., consolidated and then shifted to the casinos and junket operators through a local remittance company.

Philippine authorities have had a hard time looking into the heist because of the country’s strict bank secrecy laws. An anti-money laundering law does not cover Manila’s casinos, which one Philippine senator described as a money trail “black hole.”

The money laundering scandal has added pressure on the Philippines to close loopholes in its financial system.

Download the Gadgets 360 app for Android and iOS to stay up to date with the latest tech news, product reviews, and exclusive deals on the popular mobiles.

Tags: Bangladesh, Hackers, Hacking, Internet
India to Get Updated Version of Cortana This Summer, Reveals Microsoft

India to Get Updated Version of Cortana This Summer, Reveals Microsoft

Egypt Blocked Facebook Free Basics Over Surveillance Demands: Reports

Egypt Blocked Facebook Free Basics Over Surveillance Demands: Reports
Smartron

MORE FROM NDTV

Xiaomi Mi 5 India Launch Set for Thursday

India vs West Indies Live Cricket Video Streaming T20 World Cup Semi Final

HDFC Bank Revises Lending Rates Based on Marginal Cost

Xiaomi Redmi 3 ‘Pro’ With 3GB of RAM, Fingerprint Sensor Launched

Bangladesh Asks New York Fed, Philippines to Help Retrieve Stolen Money

Bangladesh Bank Hack: Missing Cyber Crime Expert Found

Smartron
  • RECENT

  • UberAuto Service Launched in Bhubaneswar
  • White Dwarf Star Shows Presence of Pure Oxygen
  • Toshiba Recalls 100,000 Laptops Battery Packs Due to Overheating Issue
  • Build 2016: Microsoft Announces New Free Development Tools
  • Idea Completes 4G Roll Out in 10 Circles
  • LG Display to Supply Car Displays for Tesla Model 3: Report
  • WhatsApp for Android Update Revamps the Camera Interface
  • Google’s Gmail April Fools’ Day Prank Goes Horribly Wrong
  • Nasa’s Hubble Telescope Reveals Millions of Stars at Galactic Core
  • Indian Startups Raised $1.73 billion in Q1 2016, Says Xeler8
by Taboola
Sponsored Content

FROM THE WEB

Retirement Planning Tips And Advice For YouBigDecisions
Open an All-in-1 Demat Account with Kotak Securities For Easy and Convenient Share TradingKotak Securities
गुजराती अरबपति के बेटे की शाही शादी, 140 करोड़ रुपए किए खर्चDainik Bhaskar
Gamers around the world have been waiting for this game!Forge Of Empires – Free Online Game

SPONSORED: IN THE STORES

INTERNET »

IN MOBILES AND TABLETS »

Latest

  • Celkon Diamond 4G Plus
  • Vivo X6S Plus
  • Vivo X6S
  • Samsung Galaxy Amp Prime
  • Gionee P5 mini
  • Samsung Galaxy A9 Pro
  • Gionee W909
  • Lava KKT Ultra+ Union
  • Intex Cloud Gem+
  • Samsung Galaxy J7 (2016)
  • Samsung Galaxy J5 (2016)
  • Intex Cloud Jewel
  • Vivo Y31L
  • Apple iPad Pro (9.7-inch) Wi-Fi + Cellular
  • Apple iPad Pro (9.7-inch) Wi-Fi
Popular

OPINIONSALL AUTHORS

  • Rishi AlwaniMi 5 in India: It’s Time for Xiaomi to Ditch Flash Sales

  • Kunal DuaiPhone SE in India: Relax, the MRP Doesn’t Mean What It Used To

  • Robin SinhaDear Startups, It’s Time to Be the Best, Not Just the Biggest

About admin

Check Also

Get the Best Espresso Shots and Culture

The proprietary name of Anthony’s Espresso is a family retained enterprise with the source of …