Keystone Law’s Dispute Resolution partner Dharmendra Nair has been instructed by Bangladesh Central Bank (the Bank) to advise on the recovery of funds lost in a billion-dollar cybercrime in 2016.

Cyber criminals breached the Bank’s computer network and stole credentials used for the global payments system (via the Federal Reserve Bank of New York account the Bank held) and the SWIFT messaging system. They sent about 35 fraudulent transfer instructions, totalling nearly $1bn, to transfer funds from the Bank’s US account to various accounts overseas. Whilst some of the stolen funds have been recovered, a sum that was transferred through accounts in the Philippines and then laundered has yet to be recovered.

In what is the largest cyber heist against a central bank, which is now subject to a documentary called the Billion Dollar Heist, and much publicity on various platforms, Dharmendra will lead a global team, working closely with Brown Neri Smith & Khan, led by attorney Ryan Abbott, a  US law firm, SIA & Associates, a Bangladesh law firm, and a Philippines law firm to trace and recover the stolen  funds and seek punitive damages against the defendants in ongoing civil  litigation in New York. The team will also oversee any other legal proceedings in other jurisdictions.

Dharmendra is a disputes lawyer specialising in commercial litigation and international arbitration. He regularly represents clients on complex, high-value disputes, all with an international element.

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