US$40 million linked to email scam recovered by Singapore, Timor-Leste authorities and Interpol

SINGAPORE: More than US$40 million (S$53 million) have been recovered from a business email compromise scam in a multi-agency, cross-border effort.

Singapore's Anti-Scam Centre, together with Timor-Leste authorities and Interpol made the "largest recovery" in a case of business email compromise scam, the Singapore Police Force (SPF) said on Saturday (Aug 3). 

On Jul 15, a staff member of a commodity firm based in Singapore received an email from a "supplier" notifying him to transfer the payment for some goods to a new bank account based in Timor-Leste.

The employee did not realise that the "i" in the supplier’s original email was replaced with a "l" and on Jul 19, transferred a sum of US$42.3 million to the purported supplier.

The funds were directed to the fraudulent bank account maintained in Timor-Leste.

The staff member only discovered the scam after being informed by the genuine supplier that it had not received the payment.

A police report was lodged on Jul 23.

Following the police report, SPF engaged the Timor-Leste authorities and Interpol.

The Anti-Scam Centre was alerted on Jul 24 that a sum of US$39 million was detected and frozen in a bank account maintained in Timor-Leste.

On Jul 25, Timor-Leste authorities informed that more than US$2 million was recovered after several people were arrested.

A total of seven suspects were arrested by the Scientific Police Criminal Investigation, National Intelligence Services, Financial Intelligence Unit and other law enforcement agencies of Timor-Leste, said SPF.

Steps are being taken for the return of the stolen funds to the victim in Singapore, it added.

Scams are a global threat that requires a global response from law enforcement "wherever the tentacles of this beast may reach", said Mr David Chew, director of SPF’s Commercial Affairs Department.

He said: "When money flees across our borders, law enforcement must be able to not just sense-make but also have the available legal and international systems in place to speedily follow and seize it. This it can do with the help of supranational bodies like Interpol and law enforcement in the recipient country."

Although the money had left Singapore, through Interpol, the SPF was able to rely on law enforcement in Timor-Leste to follow and seize the money for the Singapore victim and arrest the perpetrators, he said.

This collaborative effort highlights the critical importance of a quick and effective response in addressing transnational fraud, he added.

"We commend 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 US$40 million.

"I would also like to thank the Timor-Leste authorities for their strong support and commitment in tackling transnational crime syndicates who prey on victims in Singapore."

This achievement underscores the invaluable crime-fighting role of cross-border partnership in safeguarding the global financial system, he said.