International Cooperation Leading To The Biggest Recovery Of Over Usd 40 Million Linked To Business Email Compromise Scam

The Anti-Scam Centre (ASC) of the Singapore Police Force (SPF), in collaboration with Timor-Leste authorities and INTERPOL, has made the largest recovery of over USD 40 million (approximately SGD 53 million) in a case of Business Email Compromise Scam.

On 23 July 2024, the victim, a commodity firm based in Singapore lodged a police report stating that it had fallen prey to a case of Business Email Compromise Scam. Investigations revealed that on 15 July 2024, their staff received an email 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, the "i" in the supplier's original email was replaced with a "l". The staff then transferred a sum of USD 42.3 million to the purported supplier on 19 July 2024 and the funds was directed to the fraudulent bank account maintained in Timor-Leste. On 23 July 2024, the staff discovered the fraud after being informed by their genuine supplier that they 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). 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 in Singapore.

The SPF remains committed to working closely with international counterparts to combat cross-border criminal activities and uphold the integrity of the global financial system. This successful recovery underscores the critical importance of international cooperation in combating transnational scam cases, where perpetrators operate in a borderless environment.

Director Commercial Affairs Department, Mr David Chew 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, 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. 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. Although the money had left Singapore, through INTERPOL, the SPF was able to rely on law enforcement in Timor-Leste to follow and seize the money for the Singapore victim and arrest the perpetrators. This collaborative effort highlights the critical importance of a quick and effective response in addressing transnational fraud. 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."

Photos of seized monies by NCB DILI ▼
Credit: NCB DILI