Global Operation HAECHI-IV Results in the Arrest of 3,500 Financial Criminals

In a comprehensive six-month international law enforcement initiative dubbed Operation HAECHI-IV, nearly 3,500 individuals have been apprehended across 34 countries, resulting in the seizure of assets totaling $300 million. Conducted from July to December 2023, the operation targeted a spectrum of financial crimes, including voice phishing, romance scams, online sextortion, investment fraud, money laundering linked to illegal online gambling, business email compromise fraud, and e-commerce fraud.

During the operation, authorities took decisive actions by freezing associated bank accounts and virtual asset service provider (VASP) accounts, aiming to cut off access to criminal gains. A total of 82,112 suspicious bank accounts were blocked, leading to the confiscation of $199 million in hard currency and $101 million in virtual assets.

Interpol, the international police organization, highlighted the successful collaboration between Filipino and Korean authorities, resulting in the arrest of a prominent online gambling criminal in Manila. This arrest concluded a two-year manhunt led by Korea’s National Police Agency.

Noteworthy findings from the operation reveal that investment fraud, business email compromise, and e-commerce fraud constituted 75% of the cases. The agency also identified a new scam in South Korea involving the sale of non-fungible tokens (NFTs) with promises of significant returns, only for operators to execute a rug pull, abandoning the project abruptly.

A concerning trend emerging from the operation involved the utilization of artificial intelligence (AI) and deepfake technology to enhance the authenticity of scams. This allowed criminals to impersonate individuals known to the targets, engaging in deception, fraud, harassment, and extortion through impersonation scams, online sexual blackmail, and investment fraud.

Operation HAECHI-IV follows HAECHI-III by more than a year, which resulted in the seizure of $130 million worth of virtual assets in a global crackdown on cyber-enabled financial crimes and money laundering.

Stephen Kavanagh, representing Interpol, emphasized the gravity of the situation, stating, “The seizure of $300 million represents a staggering sum and clearly illustrates the incentive behind today’s explosive growth of transnational organized crime. This vast accumulation of unlawful wealth is a serious threat to global security and weakens the economic stability of nations worldwide.”