Irish authorities have reclaimed €3.5 million from bank accounts as part of Operation HAECHI V, a global initiative targeting complex and organized fraud schemes. The investigation highlights the widespread impact of cyber-enabled fraud on Irish nationals and showcases international collaboration to combat financial crime.
The Garda National Economic Crime Bureau (GNECB) has led Ireland’s efforts in the operation, which spans 40 countries. Fraud victims in Ireland have fallen prey to various schemes, including voice phishing, romance scams, online sextortion, business email compromise, and investment fraud.
“This was money stolen in Ireland and then laundered outside Ireland,” a source revealed, underlining the transnational nature of these crimes.
So far, Gardaí have recovered €1.2 million in foreign bank accounts and €115,000 in domestic accounts. Swift action is crucial, as stolen funds can often be retrieved only within a three-day window. “If a victim reports a fraud to a Garda and the crime has happened very recently, the GNECB is informed,” the source explained. “They can then make an Operation HAECHI request to the country where the money was transferred to – everything needs to be done at great pace.”
Interpol’s latest update on the operation revealed that law enforcement agencies from 40 nations had arrested over 5,500 suspects and seized more than $400 million in virtual assets and government-backed currencies.
In a notable success, South Korean authorities dismantled a voice phishing syndicate operating in coordination with counterparts in Beijing. This group caused financial losses of over €1 billion and victimized nearly 2,000 individuals. Their tactics included impersonating law enforcement officials and using fake identification, leading to 27 arrests and 19 indictments.
Interpol also issued a Purple Notice during the operation, cautioning member countries about a cryptocurrency scam targeting stablecoin users. Dubbed the “USDT Token Approval Scam,” the fraud employs a two-step approach. Victims are first lured through romance baiting and encouraged to purchase Tether stablecoins via legitimate platforms. They are then directed to phishing links that claim to set up investment accounts but instead grant scammers full access to victims’ crypto-wallets.
Gardaí estimate their success rate in recovering stolen funds at around 33%, with efforts continuing to disrupt fraud networks and protect vulnerable individuals. This operation underscores the importance of international collaboration and swift action in tackling sophisticated financial crimes.
As fraudsters continue to refine their methods, the global response aims to stay one step ahead, ensuring that justice is served and victims’ losses are mitigated.
