A massive haul of USD 40+ million has been achieved through joint operations of the Anti-Scam Centre (ASC) of the Singapore Police Force (SPF); Timor-Leste authorities; and Interpol. This is the largest ever recovery for Singapore in a case of business e-mail compromise scam.
According to a Singapore Police media release today, the case was opened on 23 July 2024. The scam victim, a commodity firm based in Singapore, lodged a police report stating that it had fallen prey to a case of business e-mail compromise scam.
Investigations revealed that on 15 July 2024, the firm’s staff member received an e-mail from a “supplier”, notifying him to transfer the payment for some goods to a new bank account based in Timor-Leste. Unbeknownst to the staff member, the “i” in the supplier’s original e-mail was replaced with “l”.
The staff member then transferred a sum of USD 42.3 million to the purported supplier on 19 July 2024 and the funds were directed to the fraudulent bank account maintained in Timor-Leste.
On 23 July 2024, the staff member discovered the fraud, after being informed by the firm’s genuine supplier that it had not received the payment.
Pursuant to the police report, the SPF swiftly engaged the Timor-Leste authorities, as well as Interpol through the Interpol Global Rapid Intervention of Payments (I-GRIP).
Dollar stacks recovered from the e-mail fraud that scammed the victim firm out of more than USD 43 million. Seven people have been arrested in the case by Timor-Leste law enforcement agencies. Photo courtesy: Singapore Police Force |
On 24 July 2024, the ASC was alerted that a sum of USD 39 million was detected and frozen in the bank account maintained in Timor-Leste. On 25 July 2024, the authorities of Timor-Leste further informed that several subjects were arrested, leading to the recovery of over USD 2 million.
Through protracted follow-up investigations, the Scientific Police Criminal Investigation, National Intelligence Services, Financial Intelligence Unit, and other law enforcement agencies of Timor-Leste arrested a total of seven suspects. Steps are being taken for the return of the stolen funds to the victim firm in Singapore.
Today’s media release said that the Singapore Police Force “remains committed to working closely with international counterparts to combat cross-border criminal activities and uphold the integrity of the global financial system”.
David Chew, Director of the Commercial Affairs Department, Singapore, said, “Scams are a global threat that requires a global response from law enforcement, wherever the tentacles of this beast may reach. Today, money moves at the click of a button, [so] law enforcement must be able to move as fast to protect our citizens from scams. When money flees across our borders, law enforcement must be able to not just sense-make but also have the available legal and international systems in place to speedily follow and seize it. This it can do with the help of supranational bodies like Interpol and law enforcement in the recipient country.”
Chew added, “The successful recovery of more than USD 40 million in this case stands as a testament to law enforcement’s ability to do this. This achievement underscores the invaluable crime-fighting role of cross-border partnership in safeguarding the global financial system. We make sure that the criminals and their money can run but they cannot hide from the long arm of the law….
“We commend the swift and decisive action of Interpol’s Financial Crime and Anti-Corruption Centre (IFCACC), which played a pivotal role in the prompt interception of the USD 40 million. I would also like to thank the Timor-Leste authorities for their strong support and commitment in tackling transnational crime syndicates who prey on victims in Singapore.”
(The article is published under a mutual content partnership arrangement between The Free Press Journal and Connected To India)
