Scammers use forged company letter to trick Singapore petrochemical firm into transferring US$12.8 million
SINGAPORE: The Singapore Police Force’s (SPF) Cyber Command has recovered US$12.8 million (S$16.35 million) that a Singapore-based petrochemical company lost to a business email compromise scam, working with OCBC and the Cambodian National Police. On October 1, 2026, the company received an email that appeared to come from a business counterpart, with revised payment instructions directing funds…
The Singapore Police Force's Cyber Command has successfully recovered US$12.8 million that a Singapore-based petrochemical company lost due to a business email compromise scam. This occurred on October 1, 2026, when the company received an email seemingly from a business associate, containing revised payment instructions that directed funds to a new bank account in Cambodia.
Upon noticing discrepancies in the payment documents, the company became suspicious, but the scammers proceeded with an authorization letter bearing the supposed signature and stamp of the counterpart, making the new instructions appear legitimate. On October 13, the company transferred the US$12.8 million to the new account. The fraudulent letter was discovered later on October 26 when the real business associate alerted the company that no payment had been received.
The company reported the incident to the police the same day. The Cyber Command team immediately collaborated with the Cambodian National Police and OCBC to trace and recover the full amount. Such cross-border business email compromise cases are rare, as funds are often rapidly distributed through multiple accounts and jurisdictions once they leave the victim's bank.
The Police expressed gratitude to the Cambodian police and OCBC for their cooperation in recovering the funds. The Police provided guidance to businesses on how to protect themselves, suggesting the review of payment processes, verification of new payment instructions through direct contact using independently verified phone numbers, staff training on scam tactics, robust password management, enabling multi-factor authentication, and the use of email protection software capable of detecting spoofed or fraudulent messages.
Businesses affected by such scams or possessing relevant information can contact the Police Hotline at 1800-255-0000 or submit details on the Police's website. For further information, businesses can visit www.scamshield.gov.sg or call the ScamShield Helpline at 1799.
Written by urgent.news from The Independent Singapore's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
