Police Agency Recovers Part of Corporate Fraud Losses in Cooperation with Indonesian Police
[Asia Economy Reporter Seongpil Cho] South Korean and Indonesian investigative authorities cooperated to recover part of the damages for a Korean company that was defrauded of a large sum of money.
The National Police Agency announced on the 26th that, in cooperation with the Indonesian police, they recovered 2.6 billion KRW of the large amount defrauded by an Indonesian email trade fraud organization targeting a Korean company. According to the police, this fraud organization hacked the Korean company's email account in February last year and deceived them by sending emails impersonating business partners stating that the payment account had changed, diverting a total of 7.9 billion KRW?6.6 billion KRW to Indonesian bank accounts and 1.3 billion KRW to Hong Kong bank accounts.
After receiving a report of this case, the National Police Agency and the Gyeonggi Nambu Provincial Police Agency conducted joint investigations with Interpol in Indonesia and Hong Kong to freeze the defrauded funds. In April last year, 2.6 billion KRW was frozen in Indonesia and 1.3 billion KRW in Hong Kong. Regarding the 1.3 billion KRW frozen in Hong Kong, the funds were recovered following a local court's restitution ruling in June last year. In April this year, a final restitution ruling was obtained from the Indonesian court, enabling the recovery of 2.6 billion KRW.
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Kang Gitaek, head of the Interpol International Cooperation Division, stated, "As overseas-based crimes exploiting the difficulty of tracking and recovering funds through foreign bank accounts are increasing, domestic companies need to exercise caution by directly confirming with business partners when payment accounts change." He added, "Taking this case as an opportunity, we will strengthen the cooperation network between Interpol and domestic agencies to ensure faster detection of overseas-based criminal organizations and recovery of defrauded funds."
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