In an unprecedented display of international cooperation and swift law enforcement action, police have successfully recovered over $40 million defrauded in one of Singapore’s largest recoveries of a business email compromise scam to date. This monumental success story underscores the critical importance of cross-border collaboration between police forces, Financial Intelligence Units (FIUs) and international partners.
The success of the operation hinged on the rapid response of recent new Egmont Group member FIU Timor-Leste, which acted urgently to freeze the bank account in question. This decisive action secured $39.3 million USD, with an additional $2 million USD recovered subsequently.
The case began when a Singapore-based commodity firm fell victim to an email scam, where fraudsters impersonated a supplier, tricking the firm into transferring a staggering $42.3 million to a fraudulent account in Timor-Leste.
Upon realizing the fraud, the Singapore Police Force (SPF) acted quickly, reaching out to Timor-Leste authorities through INTERPOL’s Global Rapid Intervention of Payments (I-GRIP) mechanism. This decisive move led to the freezing of $39 million USD in the fake supplier’s account and the arrest of seven suspects involved in the scam.
This remarkable recovery not only highlights the effectiveness of international cooperation but also serves as a stark reminder of the ongoing battle against cybercrime. The Egmont Group (EG) played a crucial role in this case by providing a secure communication platform, which allowed the Financial Intelligence Units (FIUs) to exchange vital information swiftly.
This case is just one example of the many cyber-enabled frauds that pose a serious threat to the global financial system. That’s why INTERPOL, FATF and Egmont Group joined forces to produce a comprehensive report on the illicit financial flows from these crimes. The report examines illicit financing arising from fraud enabled by or conducted through the cyber environment and aims to enhance competent authorities’ risk understanding of the threat posed by CEF.
In February 2024, the Egmont Group has also released a CEF Rapid Response Program, aiming to support member FIUs’ efforts to tackle these types of criminal activities.
Read more about the Illicit Financial Flows from Cyber-Enabled Fraud Report.
