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Anthony
September 18, 2024
Police recover over USD 40 million from international email scam
Singapore authorities recover record funds in partnership with Timor-Leste through INTERPOL
Lyon, France: The Global Stop Payment Mechanism developed by INTERPOL has helped Singapore authorities recover the largest ever BES scam.
On July 23, 2024, a Singapore-based commodity company reported to the police that they had fallen victim to BES, scammers obtain or impersonate business email accounts to trick employees into transferring money into their bank accounts.
On July 15, the company received an email from a supplier requesting that pending payments be sent to a new bank account in Timor-Leste. However, the email came from a fraudulent account that had a slightly different spelling than the supplier’s official email address.
The company unknowingly transferred $42.3 million to the fake supplier on July 19, only to discover the crime four days later when the real supplier indicated that payment had not yet been made.
After receiving the police report, the Singapore Police Force (SPF) quickly requested assistance from the Timor-Leste authorities through INTERPOL’s Global Rapid Intervention Payment (I-GRIP) mechanism.
I-GRIP leverages the global police organization’s network of police forces in 196 countries to expedite requests for assistance in financial crime cases.
On July 25, the SPF Anti-Fraud Centre received confirmation that $39 million had been seized from bank accounts of fake vendors in Timor-Leste.
In addition, follow-up investigations led to the arrest of a total of seven suspects linked to the fraud and the recovery of more than $2 million. Singapore is taking steps to return the stolen funds to the victims.
Isaac Oginni, Director of INTERPOL’s Financial Crime and Anti-Corruption Centre (IFCACC), said:
“Speed is essential to successfully intercepting the proceeds of cyber fraud, with police, financial intelligence units and banks working together in multiple jurisdictions in a race against time.
“The cooperation between the Singapore and Timor-Leste authorities in this case is exemplary, demonstrating how INTERPOL’s rapid action can help recover funds from fraud victims and identify perpetrators.”
Global Threats
David Chew, Director of Singapore’s Federal Department of Commercial Affairs, said:
“Fraud is a global threat that requires a global response from law enforcement. "In a world funds can be transferred at the click of a button, law enforcement must be able to act quickly to protect our citizens. We commend INTERPOL’s Financial Crime and Anti-Corruption Centre for its swift and decisive action, which played a critical role in the rapid interception of more than $40 million in funds." ”
Since its launch in 2022, INTERPOL’s I-GRIP mechanism has helped law enforcement intercept hundreds of millions of dollars in illicit funds.
During its pilot phase, I-GRIP played a key role in helping multiple countries recover funds transferred to fraudsters in the early days of the COVID-19 pandemic, including intercepting $3.4 million transferred from an Italian company in September 2020 to purchase non-existent medical equipment in Indonesia.
In a 2024 INTERPOL operation, police used I-GRIP to intercept $331,000 in a business email scam involving a Spanish victim transferring money to Hong Kong, China.
INTERPOL encourages businesses and individuals to take precautions to avoid falling victim to business email scams and other social engineering scams.
Scam timeline
July 15
Singapore company receives scam email from fake supplier
July 19
Company transfers $42.3 million to fake supplier via bank account in Timor-Leste
July 23
The company discovered the fraud after the genuine supplier reported non-payment and reported it to the police in Singapore; the Singapore Police Force contacted Interpol
July 24
Singapore confirmed through Interpol that more than $39 million was intercepted as a result of cooperation with East Timor authorities
July 24-26
East Timor authorities arrested several suspects and recovered another $2 million
Lyon, France: The Global Stop Payment Mechanism developed by INTERPOL has helped Singapore authorities recover the largest ever BES scam.
On July 23, 2024, a Singapore-based commodity company reported to the police that they had fallen victim to BES, scammers obtain or impersonate business email accounts to trick employees into transferring money into their bank accounts.
On July 15, the company received an email from a supplier requesting that pending payments be sent to a new bank account in Timor-Leste. However, the email came from a fraudulent account that had a slightly different spelling than the supplier’s official email address.
The company unknowingly transferred $42.3 million to the fake supplier on July 19, only to discover the crime four days later when the real supplier indicated that payment had not yet been made.
After receiving the police report, the Singapore Police Force (SPF) quickly requested assistance from the Timor-Leste authorities through INTERPOL’s Global Rapid Intervention Payment (I-GRIP) mechanism.
I-GRIP leverages the global police organization’s network of police forces in 196 countries to expedite requests for assistance in financial crime cases.
On July 25, the SPF Anti-Fraud Centre received confirmation that $39 million had been seized from bank accounts of fake vendors in Timor-Leste.
In addition, follow-up investigations led to the arrest of a total of seven suspects linked to the fraud and the recovery of more than $2 million. Singapore is taking steps to return the stolen funds to the victims.
Isaac Oginni, Director of INTERPOL’s Financial Crime and Anti-Corruption Centre (IFCACC), said:
“Speed is essential to successfully intercepting the proceeds of cyber fraud, with police, financial intelligence units and banks working together in multiple jurisdictions in a race against time.
“The cooperation between the Singapore and Timor-Leste authorities in this case is exemplary, demonstrating how INTERPOL’s rapid action can help recover funds from fraud victims and identify perpetrators.”
Global Threats
David Chew, Director of Singapore’s Federal Department of Commercial Affairs, said:
“Fraud is a global threat that requires a global response from law enforcement. "In a world funds can be transferred at the click of a button, law enforcement must be able to act quickly to protect our citizens. We commend INTERPOL’s Financial Crime and Anti-Corruption Centre for its swift and decisive action, which played a critical role in the rapid interception of more than $40 million in funds." ”
Since its launch in 2022, INTERPOL’s I-GRIP mechanism has helped law enforcement intercept hundreds of millions of dollars in illicit funds.
During its pilot phase, I-GRIP played a key role in helping multiple countries recover funds transferred to fraudsters in the early days of the COVID-19 pandemic, including intercepting $3.4 million transferred from an Italian company in September 2020 to purchase non-existent medical equipment in Indonesia.
In a 2024 INTERPOL operation, police used I-GRIP to intercept $331,000 in a business email scam involving a Spanish victim transferring money to Hong Kong, China.
INTERPOL encourages businesses and individuals to take precautions to avoid falling victim to business email scams and other social engineering scams.
Scam timeline
July 15
Singapore company receives scam email from fake supplier
July 19
Company transfers $42.3 million to fake supplier via bank account in Timor-Leste
July 23
The company discovered the fraud after the genuine supplier reported non-payment and reported it to the police in Singapore; the Singapore Police Force contacted Interpol
July 24
Singapore confirmed through Interpol that more than $39 million was intercepted as a result of cooperation with East Timor authorities
July 24-26
East Timor authorities arrested several suspects and recovered another $2 million
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