Seven people have been arrested and over US$40 million (S$53 million) recovered in a multinational effort involving the Singapore Police Force (SPF), Timor-Leste authorities, and Interpol.
The haul marks the largest recovery in a business email compromise scam, according to an SPF statement on August 3.
Scammer executed a flawless phishing attack
Phishing is a common type of cyber attack that targets individuals through email, text messages, phone calls, and other forms of communication.
On July 15, an employee at a Singapore-based commodity firm received an email from a scammer posing as a supplier.
The scammer, using an email address that replaced an “i” with an “I”, requested a payment to a new bank account in Timor-Leste.
This small change went unnoticed, and the employee transferred US$42.3 million to the fraudulent account in Timor-Leste on July 19.
Police report filed
The scam was discovered only after the real supplier informed the firm they had not received the payment, prompting the employee to file a police report on July 23.
Following the report, SPF engaged Timor-Leste authorities and Interpol.
On July 24, SPF’s Anti-Scam Centre was notified that US$39 million had been detected and frozen in the Timor-Leste account.
The next day, Timor-Leste authorities reported the recovery of an additional US$2 million and the arrest of several individuals.
Seven suspects arrested
In total, seven suspects were apprehended by the Scientific Police Criminal Investigation, National Intelligence Services, Financial Intelligence Unit, and other Timor-Leste law enforcement agencies.
Steps are now being taken to return the stolen funds to the victim in Singapore.
David Chew, Director of the Commercial Affairs Department, emphasized the importance of international cooperation in combating cross-border scams.
“The successful recovery of more than US$40 million in this case stands as a testament to law enforcement’s ability to combat cross-border crime. This achievement underscores the invaluable role of international partnerships in protecting the global financial system. We ensure that criminals and their illicit funds cannot escape the long arm of the law,” Chew stated.
