The immediate mobilization of the Cybercrime Prosecution Directorate, in cooperation with the relevant authorities and banking institutions, led to the full recovery of 4,000,000 euros that had been siphoned off through a Business Email Compromise (BEC), and criminal charges were filed against two foreign nationals allegedly involved in the case.
According to the Greek Police, two foreign nationals linked to the case were identified. These include the legal entity that appeared as the account holder of the bank account into which the fraud proceeds were deposited, as well as the individual who allegedly managed that account.
Charges have been filed against them for the offenses of computer fraud involving particularly large sums and unauthorized access to an information system or data.
They illegally gained access to the company’s email system
The investigation began following a complaint filed in August 2025 by a representative of a Greek shipping company.
As the preliminary investigation revealed, unknown perpetrators gained unauthorized access to email correspondence between the company and a partner bank abroad. They then used a deceptive email address that mimicked the company’s, as well as forged payment orders, managing to transfer 4,000,000 euros to a bank account belonging to a company based in Bulgaria.
Through immediate and coordinated actions by the Cybercrime Prosecution Directorate, in cooperation with the Anti-Money Laundering Authority, the Directorate of International Police Cooperation (Europol Division), and the relevant banking institutions, the funds were initially provisionally frozen.
This was followed by the full recovery of all the funds before they could be fragmented and transferred to other accounts, thereby preventing their permanent loss.
What Are Business Email Compromise (BEC) Scams?
Business Email Compromise (BEC) scams are among the most widespread and dangerous forms of cyber fraud targeting businesses worldwide.
The perpetrators gain access to or create email addresses that resemble genuine corporate ones, monitor communications between businesses over an extended period, and interfere with critical financial transactions, altering bank account details so that the funds end up in accounts they control.
A timely report saved the money
The Greek Police note that this case highlights the importance of immediately reporting incidents of cyber fraud. Prompt notification of the relevant authorities and financial institutions proved crucial, as it allowed for the recovery of the entire amount of 4 million euros and the identification of those involved.
The case file has already been submitted to the competent prosecutor’s office.
Source: ERT