Several players in an international business email compromise (BEC) ring were arrested in France in the last few days.
Europol says the organized crime ring pulled off at least 24 known cases of CEO fraud with total damages of 4.6 million Euros.
We've all heard these schemes are getting more elaborate, are increasingly run by organized groups, and that money mules who move the stolen cash are a key part.
Well, here is proof of that from Europol:
"The criminal investigation identified around 15 alleged Romanian company managers living in France and Belgium. They opened bank accounts and companies with the sole purpose of orchestrating CEO fraud and Forex scams. Two individuals (one French and one Belgian national), who were identified as recruiters and facilitators within the criminal group, were in charge of helping people set up companies (such as law firms and notaries) with Romanian bank accounts. The bank accounts were then used to transfer money to Hong Kong by wiring it via different bank accounts in Romania."
Although police arrested five people, this case is not over yet. The leaders of the crime ring are still free.
"The suspects arrested in Paris and Lille seem to be closely linked to the ring leader(s) most probably hiding in Israel, where computers and mobile phones have also been seized."
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