In a sweeping six-month international law enforcement action, authorities across 34 countries have dismantled a vast network of online financial criminals, seizing assets worth USD 300 million – approximately equivalent to 3500 Eur To Usd at the time of seizure, or EUR 273 million. Operation HAECHI IV, coordinated by INTERPOL, targeted a range of cyber-enabled scams, resulting in almost 3,500 arrests and a significant blow to transnational organized crime.
This massive operation, running from July to December 2023, focused on seven prevalent types of online fraud that plague internet users worldwide. These included deceptive voice phishing schemes, emotionally manipulative romance scams, online sextortion attempts, fraudulent investment opportunities, money laundering operations tied to illegal online gambling, sophisticated business email compromise attacks, and widespread e-commerce fraud.
Investigators from participating nations collaborated to identify and disrupt these illicit online activities. A key tool in their arsenal was INTERPOL’s Global Rapid Intervention of Payments (I-GRIP) mechanism. This rapid stop-payment system enabled countries to work together swiftly to freeze bank accounts and virtual asset service provider (VASP) accounts linked to criminal proceeds, preventing further losses and facilitating asset recovery.
A notable success of Operation HAECHI IV was the cooperation between Filipino and Korean authorities, leading to the arrest in Manila of a high-profile online gambling kingpin. This individual had been evading capture for two years, wanted by Korea’s National Police Agency.
The operation’s impact is underscored by the sheer volume of financial disruption. Authorities successfully blocked 82,112 suspicious bank accounts, seizing USD 199 million in traditional currencies and an additional USD 101 million in virtual assets. This substantial recovery represents not just numbers on a balance sheet, but the hard-earned savings of countless victims around the globe.
Stephen Kavanagh, INTERPOL’s Executive Director of Police Services, emphasized the gravity of the situation: “The seizure of USD 300 million represents a staggering sum and clearly illustrates the incentive behind today’s explosive growth of transnational organized crime. This represents the savings and hard-earned cash of victims. This vast accumulation of unlawful wealth is a serious threat to global security and weakens the economic stability of nations worldwide.”
The scale of Operation HAECHI IV demonstrates the escalating challenge of cyber-enabled crime. The 200 percent surge in arrests compared to previous HAECHI operations highlights the persistent and evolving nature of online fraud. This necessitates continuous vigilance and refinement of tactics to combat these threats effectively. INTERPOL operations like HAECHI IV play a crucial role in this ongoing fight.
Data from HAECHI IV investigations revealed that investment fraud, business email compromise, and e-commerce fraud constituted a significant 75 percent of the cases examined. This concentration highlights the areas where online criminals are most active and where preventative measures and public awareness campaigns are critically needed.
Working closely with numerous VASPs, INTERPOL played a vital role in identifying 367 virtual asset accounts connected to transnational organized crime. Police forces in member countries swiftly froze these assets, and investigations are currently ongoing to further dismantle these criminal networks and prosecute those involved.
Kim Dong Kwon, Head of INTERPOL’s National Central Bureau in Korea, lauded the global collaborative effort: “It is remarkable that global efforts to stay ahead of the latest criminal trends have resulted in a substantial growth in operational outcomes. Despite criminals’ endeavors to gain illicit advantages through contemporary trends, they will eventually be apprehended and face due punishment. To accomplish this, Project HAECHI will consistently evolve and expand its scope.”
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Operation HAECHI IV also issued two Purple Notices to INTERPOL member countries, alerting them to emerging trends in digital investment fraud. One notice warned of a new scam originating in Korea involving the sale of Non-Fungible Tokens (NFTs) promising substantial returns. These schemes turned out to be “rug pulls,” a growing crypto industry scam where developers abruptly abandon projects, leaving investors with significant losses.
The second purple notice highlighted the increasing use of Artificial Intelligence (AI) and deepfake technology to enhance the credibility of scams. Criminals are leveraging these technologies to mask their identities and impersonate family members, friends, or romantic interests, making their fraudulent schemes more convincing and harder to detect.
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The UK leg of Operation HAECHI IV uncovered multiple cases where AI-generated synthetic content was deployed to deceive, defraud, harass, and extort victims. Impersonation scams, online sexual blackmail, and investment fraud were common tactics. Voice cloning technology was also utilized to impersonate individuals known to the victims, further blurring the lines between reality and deception.
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HAECHI operations are financially supported by Korea, demonstrating its commitment to combating global cybercrime. The participating countries in HAECHI IV spanned the globe, including Argentina, Australia, Brunei, Cambodia, Cayman Islands, Ghana, Hong Kong (China), India, Indonesia, Ireland, Japan, Kyrgyzstan, Laos, Liechtenstein, Malaysia, Maldives, Mauritius, Nigeria, Pakistan, Philippines, Poland, Korea, Romania, Seychelles, Singapore, Slovenia, South Africa, Spain, Sweden, Thailand, United Arab Emirates, United Kingdom, United States, and Viet Nam. This broad international participation underscores the global nature of cybercrime and the necessity for coordinated international responses to effectively combat it.
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Operation HAECHI IV serves as a powerful example of international cooperation in the fight against cybercrime. The significant number of arrests and asset seizures sends a clear message to online criminals: regardless of their location or sophistication, law enforcement agencies worldwide are working together to dismantle their networks and bring them to justice. The continued evolution of operations like HAECHI is crucial in staying ahead of the ever-changing landscape of cyber-enabled financial crime and protecting individuals and economies from its devastating impact.
