FUP Uncovers International Criminal Group, Legal Entity from BiH Recovers EUR 850,000

(Patria) - The Federal Police Administration (FUP) has identified an organized international criminal group and recovered financial assets in the amount of EUR 850,000 for a legal entity.

Investigators from the Cyber Crime Department within the FUP, under the supervision of the Sarajevo Canton Prosecutor's Office, have identified perpetrators of criminal offenses and recovered financial assets in the amount of EUR 850,000 for a legal entity, which were transferred through fraud to foreign accounts controlled by individuals perpetrating the fraud.

Reports on criminal offenses will be filed against eight identified individuals suspected of committing the criminal offenses of 'Criminal Association', 'Money Laundering', and 'Computer Fraud' under the Criminal Code of the Federation of Bosnia and Herzegovina.

Earlier, the State Investigation and Protection Agency (SIPA) announced that a significant number of reports have been received from legal entities in Bosnia and Herzegovina who have been defrauded of large sums of money by unknown individuals.

SIPA officers have observed a rise in fraud targeting legal entities from BiH by unknown individuals, which they have reported to the entity banking agencies and commercial banks in BiH, suggesting they enhance controls during international payments to minimize this harmful phenomenon.

SIPA states that the fraud is carried out by sending altered payment instructions to legal entities in BiH via email, directed to their foreign suppliers, without the consent or knowledge of these suppliers, resulting in payment orders being issued.

The statement clarified that funds from accounts of legal entities held with commercial banks in BiH are thus transferred to foreign accounts controlled by individuals perpetrating the fraud, immediately transferred further, and ultimately withdrawn as cash from an account abroad, causing damage to legal entities in BiH.