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US in Search of Scammers, Traces Funds to Nigeria, Hong Kong, and Others over $5.3m Fraud


The US government is taking action to retrieve money stolen from a Massachusetts worker’s union.

It initiated a lawsuit to reclaim $5.3 million linked to a scam utilizing fake emails, known as a Business Email Compromise (BEC) scheme.

The US Attorney’s Office, District of Massachusetts, revealed the fraudulent incident in a press release on Thursday, June 6, 2024.

It started in January 2023, when the union received a fake email reportedly from the scammers.

Without any suspicion, the union sent $6.4 million to an account belonging to the fraudsters.

The scammers transferred the money through different banks to several other countries.

Also, they used some crypto exchanges for the transfers to conceal their tracks.

However, US authorities have stepped in and seized money from seven bank accounts linked to the scheme.

Further, the press release noted that BEC fraud schemes are big problems for businesses and people within the US.

They cause victims financial and emotional damage by taking advantage of communication channels they trust.

However, civil forfeiture action indicates that the authorities will investigate reported fraudulent activities.

Also, they could apply some strict measures to recover the stolen funds.

US Authorities Urge Victims of Scams to Always Report

Acting US Attorney Joshua S. Levy stated, “We aim for today’s action to bring back some stability and fairness for those that have been affected by this crime.”

Further, the authorities urged members of the public to contact if they believe they’ve been victims of cybercrimes.

Also, the press release exposed the perpetrators’ cumbersome laundering process for the fraudulently obtained funds.

It noted that the scammers use a complex network of intermediary bank accounts to move the funds.

However, some channels directed these funds to cryptocurrency exchanges or bank accounts in Hong Kong, China, Singapore, and Nigeria.

Recently, the United States initiated a civil forfeiture action to reclaim approximately $5,315,746.

The money is alleged to be proceeds from a business email compromise (BEC) scheme targeting a worker’s union in Massachusetts. Assets involved in money laundering were also implicated.

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