Two Men Arrested in $1M BEC Scam During Tasmanian House Purchase
Two men have been arrested and charged in relation to a sophisticated business email compromise (BEC) scam. The scam, which involved altering payment information in email correspondence, resulted in over $1 million being stolen from a Tasmanian victim during a house purchase transaction in October 2021.
The scam, also known as a 'man in the middle' attack, saw the victim's conveyancer receive fraudulent emails with altered payment details. Over $1.2 million was transferred to the scammers' account before the fraud was discovered.
Investigations led to the arrest of a 30-year-old man from Canberra on 23 September in Adelaide. He was charged with theft, money laundering, and operating a financial business without a license. A 22-year-old man from Pooraka, South Australia, was arrested on 11 August and charged with dishonest dealing and money laundering.
Authorities revealed that over $170,000 of the stolen money was converted into cryptocurrency. Around $100,000 was recovered, while $70,000 was sent overseas to Ghana. Additionally, $66,000 was used to purchase shares, and investigations into the remaining funds are ongoing.
The two men will face court in relation to the BEC scam. The victims, who were not specifically identified, are expected to cooperate with authorities to recover the remaining stolen funds. The incident serves as a reminder for individuals and businesses to remain vigilant against such scams, particularly when conducting online transactions.
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