Cyber Crime
Operation HAECHI V: INTERPOL’s Financial Crime Crackdown Leads to 5,500 Arrests and ₹3,300 Crore Seized Across 40 Countries
LYON, France : A monumental operation spanning 40 countries and regions has culminated in the arrest of over 5,500 individuals suspected of financial crimes and the recovery of more than USD 400 million in both virtual assets and fiat currencies.
The five-month-long Operation HAECHI V (July – November 2024), coordinated by INTERPOL, targeted a spectrum of cyber-enabled fraud, including voice phishing, romance scams, online sextortion, investment fraud, illegal online gambling, business email compromise (BEC), and e-commerce fraud.
Major Breakthrough in Korea
Among the most notable achievements was the dismantling of a sophisticated voice phishing syndicate by Korean authorities in collaboration with Beijing. The syndicate was responsible for defrauding victims of KRW 1,511 billion (approximately USD 1.1 billion) and affecting over 1,900 individuals. Employing counterfeit identities and impersonating law enforcement officials, the group orchestrated widespread financial losses. The crackdown resulted in the arrest of 27 suspects, with 19 indicted on charges of organized crime.
During the operation, INTERPOL issued a Purple Notice to alert member countries about a rising cryptocurrency scam involving stablecoins. The so-called “USDT Token Approval Scam” exploits victims through romance baiting and phishing techniques, enabling scammers to gain unauthorized access to cryptocurrency wallets. This scam has emerged as a significant threat in the evolving landscape of financial fraud.
Global Financial Recoveries
- In a series of high-profile recoveries:
- Authorities in Timor Leste intercepted USD 39 million stolen from a Korean company.
- In Singapore, a swift response via INTERPOL’s Global Rapid Intervention of Payments (I-GRIP) mechanism enabled the recovery of USD 39.3 million in funds lost to a BEC fraud.
- In Guernsey, UK authorities leveraged I-GRIP to recover GBP 2 million (USD 2.5 million) in fraudulently transferred funds.
The Role of I-GRIP in Fighting Financial Crime
A key element of HAECHI V’s success was the integration of I-GRIP, a stop-payment tool developed by INTERPOL to rapidly intercept stolen funds. I-GRIP facilitated cooperation across 80 countries, strengthening the global response to financial fraud.
INTERPOL Secretary General Valdecy Urquiza emphasized the critical role of international collaboration:
“The effects of cyber-enabled crime can be devastating—lives upended, businesses shattered, and trust in digital systems eroded. The success of Operation HAECHI V demonstrates the power of global cooperation in combating these crimes. United, we can make both the real and digital worlds safer.”
Now in its fifth year, Operation HAECHI has set new benchmarks, nearly doubling the cases solved to 8,309 and tripling the number of blocked Virtual Asset Service Provider (VASP) accounts to 1,023 compared to 2023.
Head of Korea’s INTERPOL National Central Bureau, LEE Jun Hyeong, lauded the operation’s achievements:
“Operation HAECHI V underscores the unwavering commitment of police forces worldwide. By intercepting illicit funds and bringing criminals to justice, we are safeguarding global financial ecosystems.”
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Global Cooperation at the Forefront
The operation saw participation from countries and territories across continents, including India, the United States, China, the United Kingdom, and many more. Supported financially by Korea, HAECHI operations represent a model of international law enforcement collaboration to combat the growing threat of cyber-enabled financial crimes.
As INTERPOL and its member countries continue to refine their strategies, Operation HAECHI V stands as a testament to the efficacy of global unity against financial crime.