Philippines Banker Gets Jail & $109 Million Fine After Bangladesh Bank Heist
A former RCBC branch manager was hauled to the dock and handed a hefty sentence on Jan 10 for her role in one of the biggest cyber‑heists ever, where a staggering $81 million was siphoned from Bangladesh’s central bank back in 2016.
The Sneaky Transfer
Shadowy hackers first dumped the cash into Bangladesh’s U.S. accounts, then stealthily moved it to a Philippine bank – Rizal Commercial Banking Corp. (RCBC). Within hours it was withdrawn, leaving the world stunned.
The Shocking Verdict
- Maia Deguito, a former RCBC branch manager, was found guilty of eight crimes of money laundering.
- Each count carries a minimum of four years in prison.
- The court also slapped her with a $109 million fine.
- She can stay out on bail while she plans her appeal – but the verdict is binding.
Deguito’s lawyer, Demetrio Custodio, called the conviction “a scapegoat move.” “She couldn’t have pulled this off alone; a bank this size would have caught any rogue move,” he argued.
City in Shock
RCBC declared itself a “victim” and labeled Deguito a “rogue employee.” The Philippine justice department said the case is still active, though details on other suspects are hush‑hush.
Meanwhile, a North Korean hacker is in the US’s crosshairs, along with a state‑sponsored crew allegedly behind the Bangladesh theft.
What Happened to the Loot?
- Only about $15 million was recovered once it landed in Manila.
- Millions vanished into Macau‑style casinos in Manila, which at the time were exempt from strict anti‑money‑laundering rules.
The Philippine central bank slapped RCBC with a record $21 million fine after uncovering the heist. Meanwhile, the U.S. Federal Reserve, which manages Bangladesh’s account, denied any breach of its systems.
In short, the Philippines just became a hotspot for illicit cash flows, and the world is watching to see who else might be lurking behind those covert transfers.
