Coordinated law enforcement operation against cyber crime yields over £107m in seized assets

Police forces worldwide seized about £107.5 million worth of virtual assets and arrested almost 1000 suspects over a five-month period this year in targeted operations against cyber-enabled financial crime, INTERPOL has announced.

The International Criminal Police Organisation (INTERPOL) said that these operations were conducted between 28 June and 23 November this year and specifically targeted voice phishing, romance scams, sextortion, investment fraud, and money laundering associated with illegal online gambling.

The objective of police forces was to intercept money and virtual assets linked to a wide range of cyber-enabled financial crimes and money laundering and to return illicitly obtained funds to victims.

Code-named Operation HAECHI III, the coordinated global law enforcement operation was led by INTERPOL’s Financial Crime and Anti-Corruption Centre (IFCACC) which supported 30 countries via their respective INTERPOL National Central Bureaus (NCBs). The operation helped close over 1,600 cyber crime-related cases and helped agencies block almost 2,800 bank and virtual-asset accounts used by cybercriminals worldwide.

“The success of this operation is based on two key elements for law enforcement, follow the money and cooperation via INTERPOL. We have highlighted the need for greater efforts to deprive criminals of their illegal gains and this operation has seen member countries doing just that,” said Jürgen Stock, INTERPOL Secretary General.

One particular operation culminated in the arrest of cyber criminals in Greece and Italy who ran a global Ponzi scheme to embezzle as much as €28 million from 2,000 Korean victims.

In another operation, Indian authorities successfully seized four cryptocurrency wallets and other crucial crime evidence when hunting for a group of cyber criminals who had been impersonating INTERPOL officers, persuading victims to transfer about £131,500 through financial institutions, cryptocurrency exchanges, and online gift cards.

When conducting these operations, law enforcement investigators also witnessed the rise of new cyber crime trends, such as fraudulent investment schemes involving the use of instant messaging applications. In these operations, cybercriminals exchange encrypted information and promote the use of cryptocurrency wallets for payment. Investigators also observed a rise in the frequency of impersonation scams, romance frauds, sextortion, and investment frauds.

"As we look to the future, we recognise the importance for decisive and concerted law enforcement action across borders. This year’s leg of Operation HAECHI III speaks volumes of IFCACC’s dedicated coordination and the strong commitment of participating countries, all of which foretell of new law enforcement victories ahead," said Hyung Se Lee, Head of NCB Seoul.
 
Operation HAECHI III was part of a three-year global project to tackle cyber-enabled financial crime. Supported by South Korea, it enjoyed participation from  Australia, Austria, Brunei, Cambodia, Cote d’Ivoire, France, Ghana, Hong Kong (China), India, Indonesia, Ireland, Japan, Korea, Kyrgyzstan, Laos, Malaysia, Maldives, Nigeria, Philippines, Poland, Romania, Singapore, Slovenia, South Africa, Spain, Sweden, Thailand, United Arab Emirates, United Kingdom, and the United States.