Muhamad Yehia
A global operation involving law enforcement from 40 countries, territories and regions has ended with the arrest of over 5,500 financial crime suspects and the seizure of more than USD 400 million in virtual assets and government-backed currencies.
The five-month Operation HAECHI V (July – November 2024) targeted seven types of cyber-enabled frauds: voice phishing, romance scams, online sextortion, investment fraud, illegal online gambling, business email compromise fraud and e-commerce fraud.
As part of the operation, Korean authorities, in tandem with authorities in Beijing successfully dismantled a sprawling voice phishing syndicate responsible for financial losses totaling 1,511 billion KRW (USD 1.1 billion) and affecting over 1,900 victims
Authorities in Timor Leste intercepted USD 39 million stolen from a Korean company.
The organization’s sophisticated modus operandi included masquerading as law enforcement officials and using counterfeit identification. The operation led to the arrest of at least 27 members of the organized criminal group, with 19 individuals subsequently indicted
INTERPOL officers in Nigeria make an arrest
INTERPOL also issued a Purple Notice during Operation HAECHI V to warn countries about an emerging cryptocurrency fraud practice involving stablecoin. Member countries were alerted to the “USDT Token Approval Scam” which allows fraudsters to access and control victims’ cryptocurrency wallets.
The two-step approach first lures in victims using romance baiting techniques, instructing them to buy popular Tether stablecoins (USDT Tokens) via a legitimate platform
The operation seized over USD 400 million in total
Once the scammers have gained their trust, the victims are provided with a phishing link claiming to allow them to set up their investment account. In reality, by clicking they authorize full access to the scammers, who can then transfer funds out of their wallet without the victim’s knowledge.
INTERPOL Secretary General Valdecy Urquiza said:
“The effects of cyber-enabled crime can be devastating – people losing their life savings, businesses crippled, and trust in digital and financial systems undermined.“The borderless nature of cybercrime means international police cooperation is essential, and the success of this operation supported by INTERPOL shows what results can be achieved when countries work together. It’s only through united efforts that we can make the real and digital worlds safer
Police investigators attend an INTERPOL I-GRIP information session
LEE Jun Hyeong, Head of Korea’s INTERPOL National Central Bureau in Seoul said:
“Colleagues here in Korea and across police forces worldwide have demonstrated outstanding dedication and professionalism during Operation HAECHI V. Our efforts not only brought criminals to justice but also achieved significant progress in intercepting and recovering illicit funds. We will continue to contribute to ensuring a swift and effective response to cyber-enabled financial crimes.”
Now in its fifth year, HAECHI V built on previous successes, almost doubling the number of cases solved (8,309) and tripling the number of virtual asset service provider (VASP) accounts blocked (1,023) compared to 2023
Delegates from over 30 countries attended the HAECHI debriefing
I-GRIP helps stop fraud fast
In parallel with the operation, financial crime specialists from INTERPOL worked with police investigators and financial institutions in over 80 countries to strengthen use of INTERPOL’s Global Rapid Intervention of Payments (I-GRIP). This stop-payment mechanism helps countries work together to rapidly intercept stolen funds and played an instrumental part in Operation HAECHI V.
In one major I-GRIP-enabled win, the Singapore Police Force used the tool to rapidly request assistance from authorities in Timor Leste when a commodity firm in Singapore fell victim to a business email compromise fraud.
The firm was tricked into transferring USD 42.3 million to a fake supplier’s bank account in Timor Leste, where authorities were able to intercept USD 39.3 million in the bank account.
A total of seven suspects were arrested and further investigations also led to the recovery of an additional USD 2.6 million, as well as the discovery that part of the illicit funds had already been transferred from Timor Leste to Indonesia.
Further investigations by the three jurisdictions are being coordinated by INTERPOL and steps are being taken to return the stolen funds to the victim in Singapore.
In Guernsey, United Kingdom, an I-GRIP awareness session led directly to a significant breakthrough. Immediately after the session, the Guernsey Financial Intelligence Unit worked with UK authorities to submit an I-GRIP request to Portugal seeking to intercept over GBP 2 million (USD 2.5 million) in funds arising from business email compromise fraud. Rapid communication with Portuguese police authorities via I-GRIP meant the money was intercepted and subsequently returned to the victim in full.
Source: INTERPOL