By Ashwani Mishra, Editor-Technology, 63SATS
In the 2019 movie The Laundromat, a widow uncovers the shady world of shell companies, revealing the global web of financial fraud. While the movie dramatized the loopholes in the financial system, INTERPOL’s Operation HAECHI V—a real-world drama—has taken a far more ambitious approach to unravel a more sinister plot: cyber-enabled financial crimes that transcend borders.
From July to November 2024, law enforcement agencies across 40 nations worked together in a coordinated effort to combat financial fraud that targeted individuals, businesses, and governments.
The result? A staggering 5,500 arrests and the seizure of over $400 million in stolen funds, both in virtual assets and traditional currencies. This achievement has underscored the power of global collaboration in an increasingly interconnected world.
A Global Threat: The Rise of Cyber-Enabled Financial Fraud
Unlike the analog crimes of the past, today’s financial criminals use sophisticated tools, exploiting technology and human vulnerabilities.
Operation HAECHI V tackled seven key types of scams: voice phishing, romance fraud, online sextortion, investment fraud, illegal online gambling, business email compromise (BEC) fraud, and e-commerce fraud. Each of these scams plays on the insecurities and aspirations of its victims, making it more personal and damaging.
For example, voice phishing—a tactic dramatized in movies like The Wolf of Wall Street, where deception plays a central role—has taken a darker turn in the digital age. In one of the most significant wins of the operation, Korean and Chinese authorities dismantled a voice phishing syndicate responsible for $1.1 billion in losses. Masquerading as law enforcement officials, the syndicate used counterfeit IDs to exploit over 1,900 victims. The crackdown resulted in 27 arrests and 19 indictments, bringing some semblance of justice to those affected.
Cryptocurrency: The New Frontier of Fraud
Operation HAECHI V wasn’t just about cracking traditional scams; it delved into the murky waters of cryptocurrency fraud.
INTERPOL issued a Purple Notice highlighting a novel scam called the “USDT Token Approval Scam.” In this scheme, fraudsters used romance baiting techniques to lure victims into buying Tether stablecoins. Under the guise of setting up a legitimate investment account, victims were tricked into granting full wallet access to the scammers.
This scam highlights the vulnerabilities in the digital financial ecosystem. With cryptocurrency adoption skyrocketing, cybercriminals are evolving faster than many regulators and institutions can adapt. This mirrors the plotline of Ocean’s Eleven, where the heist required a combination of intelligence, technology, and human manipulation to succeed—only here, the stakes are real, and the losses devastating.
Technology as the Savior: I-GRIP and Rapid Response
In a world where financial crimes occur at lightning speed, the Global Rapid Intervention of Payments (I-GRIP) emerged as a hero in Operation HAECHI V. This tool enables countries to intercept stolen funds before they vanish into the intricate web of the financial underworld.
One standout case involved the Singapore Police Force, which used I-GRIP to recover $39.3 million stolen in a business email compromise (BEC) scam. A commodity firm was tricked into transferring $42.3 million to a fraudulent account in Timor Leste. Thanks to I-GRIP, authorities intercepted most of the funds and uncovered additional illicit transfers in Indonesia.
Image: The operation seized over USD 400 million in total
Why HAECHI V Matters More Than Ever
Now in its fifth year, HAECHI V has built on the successes of previous operations, doubling the number of cases solved (8,309) and tripling the number of blocked virtual asset service provider (VASP) accounts (1,023) compared to 2023. These numbers are more than just statistics; they represent lives saved from financial ruin and businesses shielded from catastrophic losses.
INTERPOL Secretary General Valdecy Urquiza emphasized the broader implications of the operation: “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.”
A Story Still Being Written
Operation HAECHI V is a testament to what can be achieved through global partnerships and cutting-edge technology.
Countries like Korea, which provided financial support for the operation, are setting an example by prioritizing the fight against cyber-enabled financial crimes. Meanwhile, INTERPOL’s continued development of tools like I-GRIP offers hope for quicker responses and more recoveries in future operations.
In a digital age where money moves faster than ever, so do the criminals who seek to exploit it. Operation HAECHI V has proven that no matter how complex or borderless financial crimes may be, they can be countered with collaboration, innovation, and determination. As INTERPOL and its member nations look ahead, one thing is clear: the fight against cyber-enabled financial crime is far from over.
The real-life drama of Operation HAECHI V reminds us of the resilience and ingenuity of law enforcement in the face of global challenges. In this ongoing story, every arrest and recovery represent not just a victory for justice but a step toward restoring trust in the systems that connect us all.
