After completing the legal procedures, on March 20, 2020, the Federal Court dismissed the appeal and directed the case to be conducted in the State Court instead of the Federal Court.
Following the directions, Bangladesh filed a fresh case in the New York Supreme Court on 27 May 2020. Later, the six accused, including RCBC, appealed to the new court to dispose of the case. His appeal was heard several times.
In the New York District Court ruling, it was stated that RCBC had an induced collusion in stealing Bangladesh Bank Reserves from the New York Bank.
There was no room to withdraw the money from the New York Federal Reserve Bank if there was no cooperation from the accused officials in RCBC’s New York account and RCBC’s in the Philippines.
A total of US$81 million was stolen from the reserves of Bangladesh Bank on the night of 4 February 2016. The reserve was kept in the US at the Federal Reserve Bank of New York. The money was immediately withdrawn after being transferred to the Rizal Bank of the Philippines (RCBC).
Bangladesh Bank filed a lawsuit in a New York court three years ago to recover the money. A total of US$15 million has been recovered at different times since the theft.