Scammers Posed as Chairman of Singapore-Based Firm and Tricked CEO Into Transferring $36.3M

A WhatsApp call from scammers posing as the chairman of a Singapore-based firm tricked its CEO into authorising a $36.3 million transfer — and the fraud was discovered only after he checked the supposed acquisition with the real chairman. By then, millions of dollars had already moved across borders, with investigators racing to recover the money.

The Singapore Police Force (SPF) disclosed the case on 20th May as part of an international crackdown on transnational scams. The fraud involved $36.3 million transferred from the company's local and overseas bank accounts into two accounts at Singapore's OCBC Bank.

Although authorities intervened to seize some of the funds, a substantial amount had already been sent to Hong Kong, highlighting the risks businesses face when criminals impersonate senior executives to authorise large payments.

How Scammers Used a Fake Chairman to Authorise the Transfer

The deception began on 9th April, when the company's CEO received a WhatsApp call from someone posing as the chairman of the firm's headquarters, according to police.

The caller instructed the CEO to take responsibility for an acquisition project. Believing the request was legitimate, the CEO subsequently directed the company's chief financial officer to arrange the necessary funding.

Between 13th and 17th April, $36.3 million was transferred from the company's accounts to the fraudsters. The scam came to light soon after, when the CEO verified the acquisition with the real chairman and discovered that the purported instruction was fraudulent.

The case demonstrates how impersonation scams can exploit the authority of senior executives and established corporate reporting structures. Rather than targeting an individual bank customer, the fraudsters persuaded company leadership to initiate a transaction involving millions of dollars in business funds.

Authorities Seized Millions as Part of the Investigation

After receiving the report on the fraud, Singapore's Anti-Scam Centre intervened and seized $9.7 million held in the local accounts, according to police.

However, approximately $26.5 million had already been transferred to bank accounts in Hong Kong. Singapore police contacted Hong Kong's Anti-Deception Coordination Centre, resulting in the seizure of more than $11.1 million from Hong Kong bank accounts and associated cryptocurrency wallets.

Investigations also led to the arrest of two Singaporeans who allegedly facilitated the opening of a corporate bank account to receive the illicit funds. Police said investigations were ongoing.

International Crackdown Uncovered More Than 138,000 Scam Cases

The executive impersonation fraud was among the cases uncovered during Operation Frontier+ III, a two-month international operation conducted from 10th March to 7th May 2026.

The coordinated crackdown involved Singapore and nine foreign law enforcement agencies. According to the SPF, the operation resulted in 3,018 arrests and investigations into 7,553 people linked to more than 138,000 scam cases involving approximately $752 million in losses.

Authorities also froze nearly 102,000 bank accounts and seized more than $161 million in illicit funds. The figures underline the international scale of scam networks and the difficulty of tracing money once it has passed through multiple accounts and jurisdictions.

In a February 2026 advisory, the SPF warned that at least 10 reported cases involving the impersonation of companies' senior executives on WhatsApp had been recorded since January 2025.

Police said scammers in these cases could create WhatsApp accounts using executives' names and publicly available photographs. Victims might be instructed to work on confidential projects, share company financial information, or transfer funds. Some cases also involved purported video meetings in which scammers allegedly used digital manipulation to impersonate senior executives or officials.