Interpol has revealed that over $41 million stolen from a Singapore raw material company in an international email scam has been recovered.
The fraud, known as Business Email Compromise (BeC), targeted the Singapore trading company on July 23, 2024. Fraudsters were able to gain access to the company’s email system, or they created fake emails purporting to be from the company in order to deceive employees into transferring funds to the scammers.
The scheme unfolded when, on July 15, the company received an email from a supposed “supplier” requesting payment to a new bank account in East Timor. Unbeknownst to the company, the email was sent from a fraudulent account with a slightly altered address. Consequently, the company transferred $42.3 million to the fake account on July 19. It wasn’t until July 23, when the real supplier inquired about the missing payment, that the scam was discovered.
Swift action was taken by the Singapore police, who promptly engaged with authorities in East Timor. As a result, $39 million stolen from the company was frozen in a fraudulent bank account, leading to the apprehension of 7 suspects from July 24 to 26. Additionally, another $2 million allegedly linked to the theft was seized. Efforts are now underway to return the stolen funds to the victimized company in Singapore.
Interpol credited the successful recovery to the I-GRIP mechanism, an Interpol system established in 2022 encompassing all 196 member countries. This system facilitates expedited international cooperation in cases of financial fraud. Interpol stated that by the end of 2023, more than half a billion dollars had been recovered thanks to I-GRIP.