Global Police Arrest 5500 in $400m Cyber-Fraud Crackdown

Over 5500 individuals have been arrested in a major international policing operation designed to disrupt cyber-enabled fraud.

Between July and November 2024, Interpol coordinated Operation Haechi V, which involved law enforcers from over 40 countries and territories.

It resulted in the seizure of more than $400m in virtual assets and government-backed currencies, most likely obtained via voice phishing, romance scams, online sextortion, investment fraud, illegal online gambling, business email compromise (BEC) and e-commerce fraud, Interpol said.

One major success came in East Asia, where South Korean and Chinese police joined forces to disrupt a voice phishing network responsible for an estimated $1.1bn in losses. Over 1900 people were victimized by the scammers, who pretended to be police officers. Some 27 suspects were arrested.

Read more on Haechi: Interpol Seizes $83m Headed for Online Scammers

A key part of the operation was Interpol’s Global Rapid Intervention of Payments (I-GRIP) initiative, which helped officers to intercept stolen funds en route to the cybercriminals.

It enabled the Singapore Police Force to intercept most ($39.3m) of a $42.3m sum stolen via BEC and heading to a bank account in Timor Leste. Seven additional suspects were arrested and a further $2.6m of the stolen funds discovered.

In the UK’s Channel Islands, the Guernsey Financial Intelligence Unit submitted an I-GRIP request to Portugal which resulted in the interception of £2m ($2.5m) in funds also stolen via BEC.

“The effects of cyber-enabled crime can be devastating – people losing their life savings, businesses crippled, and trust in digital and financial systems undermined,” said Interpol secretary general, Valdecy Urquiza.

“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.”

As the moniker suggests, Haechi V is the fifth iteration of a long-running and successful cyber-policing initiative, sponsored by the South Korean government. It saw almost double the number of cases solved (8309) and triple the number of virtual asset service provider (VASP) accounts blocked (1023) compared to 2023.