Interpol Recovers $41 Million Stolen in Singapore BEC Scam
Interpol has reported the confiscation of over $41 million stolen from a Singaporean commodity firm through a business email compromise (BEC) scam.
On July 23, 2024, a Singaporean trading company alerted the police that it had fallen victim to a business email compromise scam. The perpetrators had either gained access to the company’s email or forged it, deceiving employees into transferring funds to their accounts.
On July 15, the firm received an email from a supplier requesting payment to a new bank account located in East Timor. However, the email was sent from a fraudulent account, with an address slightly altered from the official supplier’s address. Unaware of the deception, the company transferred $42.3 million to the fake account on July 19. It wasn’t until July 23, when the genuine supplier reported not receiving the payment, that the theft was discovered.
On July 24, Singaporean police immediately contacted East Timor authorities, who traced and froze $39 million in the fraudster’s bank account. Additionally, between July 24 and 26, they arrested seven suspects and seized another $2 million, presumably linked to the theft. Steps are now being taken to return the stolen funds to the victim in Singapore.
According to Interpol, global cooperation between nations was made possible through the I-GRIP mechanism—Interpol’s system, established in 2022, encompassing 196 countries. It is designed to expedite international requests in cases of financial fraud. Interpol asserts that by the end of 2023, more than half a billion dollars had been recovered thanks to I-GRIP.
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