Financial Crime World

Singapore Police Force Foils Business Email Compromise Scam, Recovers $40 Million

In a significant breakthrough, the Singapore Police Force (SPF) has successfully recovered over $40 million in a case of Business Email Compromise Scam. This achievement marks one of the largest recoveries of its kind and highlights the importance of international cooperation in combating transnational scam cases.

How the Scam Unfolded

  • A commodity firm based in Singapore fell prey to the scam on July 15, when their staff received an email from a “supplier” instructing them to transfer payment for goods to a new bank account in Timor-Leste.
  • Unbeknownst to the staff, the email had been tampered with, and the funds were transferred to a fraudulent bank account.

Swift Action by Singapore Police Force

  • The SPF engaged the Timor-Leste authorities and INTERPOL through the INTERPOL Global Rapid Intervention of Payments (I-GRIP) program.
  • On July 24, it was discovered that a sum of $39 million had been frozen in the bank account, while several suspects were arrested, leading to the recovery of over $2 million.

Collaboration with International Partners

  • The SPF is now working closely with its international partners to return the stolen funds to the victim in Singapore.
  • This successful recovery highlights the critical importance of international cooperation in combating transnational scam cases.

Quote from Director Commercial Affairs Department, Mr. David Chew

“This successful recovery highlights the critical importance of international cooperation in combating transnational scam cases. When money flees across our borders, law enforcement must be able to move swiftly and effectively to protect our citizens from scams.”

Acknowledgement and Commitment

  • The SPF commends 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 $40 million.
  • The agency also acknowledges the strong support and commitment shown by the Timor-Leste authorities in tackling transnational crime syndicates.

SPF’s Commitment to Combating Cross-Border Crime

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.