7 arrested, $53m recovered in joint effort by Singapore, Timor Leste authorities and Interpol

SINGAPORE - Seven persons have been arrested and over US$40 million (S$53 million) recovered following a multi-national, multi-agency effort between the Singapore Police Force, Timor-Leste authorities and Interpol.

In a statement on Aug 3, the SPF said it was the largest recovery in a case involving a business e-mail compromise scam.

On July 15, an employee of a commodity firm in Singapore received an e-mail from a scammer posing as a supplier, asking him to transfer 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 e-mail had been replaced with an "I". He transferred US$42.3 million to the scammer on July 19.

He discovered the scam only after being informed by the firm's real supplier that it had not received the payment, said police.

A police report was made on July 23.

The SPF engaged Timor-Leste authorities and Interpol after receiving the police report. On July 24, the SPF's Anti-Scam Centre was alerted that a sum of US$39 million had been detected and frozen in the bank account maintained in Timor-Leste.

On July 25, Timor-Leste authorities said that several people had been arrested, which led to the recovery of US$2 million, said police.

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.

"Steps are being taken for the return of the stolen funds to the victim in Singapore," said Singapore police.

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

"Today, money moves at the click of a button, law enforcement must be able to move as fast to protect our citizens from scams," said Mr Chew.

[[nid:673198]]

"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."

The successful recovery of more than US$40 million in this case is a testament to law enforcement's ability to do this, said Mr Chew.

He added: "This achievement underscores the invaluable crime-fighting role of cross-border partnership in safeguarding the global financial system.

"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 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 article was first published in The Straits Times. Permission required for reproduction.