In a major win for global law enforcement, authorities in Singapore and Timor-Leste, with the help of INTERPOL, have recovered over $40 million stolen in an international email scam.
The incident began on July 15, 2024, when a Singapore-based commodity firm received an email from a supplier requesting a pending $42.3 million payment be sent to a new bank account in Timor-Leste. Unaware that the email was from a fraudulent account, the firm transferred the funds as requested.
Four days later, the firm discovered the deception when the genuine supplier reported not receiving the payment. The Singapore Police Force (SPF) quickly sprang into action, seeking assistance from Timor-Leste authorities through INTERPOL’s Global Rapid Intervention of Payments (I-GRIP) mechanism.
INTERPOL Cooperation In International Email Scam
Upon receiving a police report from the Singapore firm, the Singapore Police Force quickly requested assistance from authorities in Timor-Leste through INTERPOL’s Global Rapid Intervention of Payments (I-GRIP) mechanism. I-GRIP utilizes INTERPOL‘s vast 196-country network to expedite financial crime investigations.
Within days, authorities in Timor-Leste detected and withheld US$39 million from the fake supplier’s bank account. Additional investigations led to the arrest of seven suspects and the recovery of an additional US$2 million.
This is a great example of how cooperation between authorities can lead to significant results,” said Isaac Oginni, Director of INTERPOL’s Financial Crime and Anti-Corruption Centre. “Speed is of the essence in intercepting the proceeds of online scams, and we commend the swift action taken by Singapore and Timor-Leste authorities in this case.”
The recovery marks a notable achievement for INTERPOL’s I-GRIP mechanism, which has helped law enforcement intercept hundreds of millions of dollars in illicit funds since its launch in 2022. The mechanism has proven invaluable in combating financial crime, particularly in the early years of the COVID-19 pandemic, when it played a pivotal role in recovering funds transferred to fraudsters.
Preventing Future Scams
The Director of the Singapore Police Force’s Commercial Affairs Department, David Chew, stated:
“Scams are a global threat that requires a global response from law enforcement. Today, money moves at the click of a button, and law enforcement must be able to move as fast to protect our citizens. We commend the swift and decisive action of INTERPOL’s Financial Crime and Anti-Corruption Centre, which played a pivotal role in the prompt interception of more than USD 40 million.â€
While the successful recovery in this case is a significant achievement, INTERPOL is urging businesses and individuals to take proactive steps to avoid falling victim to business email compromise (BEC) and other social engineering scams.
“INTERPOL is encouraging businesses and individuals to take preventative steps to avoid falling victim to business email compromise and other social engineering scams,” the organization stated, directing the public to its website for more information and resources.
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