Greek police have identified two foreign nationals suspected of carrying out a €4 million Business Email Compromise (BEC) fraud against a Greek shipping company. The investigation into the case began following a complaint filed in August 2025 by a representative of a Greek shipping company, regarding computer fraud against the company, prompting an immediate investigation by the Cyber Crime Prosecution Unit of the Hellenic Police.
The suspects gained illegal access to electronic correspondence between the company and a cooperating banking institution abroad and, using a misleading email address that resembled the corporate one, as well as fake payment orders, succeeded in transferring the sum of €4 million to a bank account of a company based in Bulgaria.
The case involves the legal entity that appears as the beneficiary of the bank account where the fraud money was transferred, as well as the person involved in its management.
In the context of coordinated actions and cooperation, the funds were initially temporarily frozen and then fully recovered, preventing their division and further movement to third-party accounts, while the defendants were identified.
A case file was filed against them for the respective offenses of computer fraud, and illegal access to an information system or data.
The case file was submitted to the competent prosecution authority.
Greek police said the timely notification of the authorities and banking institutions prevented the final loss of the amount of money. The stolen €4 million were recovered, through direct and coordinated actions of the executives of the Cyber Crime Prosecution Unit of the Hellenic Police, in cooperation with the Authority for Combating Money Laundering from Criminal Activities, the International Police Cooperation Division (Europol Department) and the banking institutions involved.
It is noted that this particular case highlights the importance of promptly identifying and reporting electronic fraud incidents, Greek police said, as timely notification of the competent authorities and banking institutions was a decisive factor in the successful recovery of all the money.
Business Email Compromise (BEC) fraud is among the most widespread forms of targeted electronic fraud against businesses internationally.
The perpetrators gain access to or simulate corporate email accounts, monitor communication between businesses for a long period of time and intervene at a critical stage of financial transactions, modifying bank account details so that the funds end up in accounts that they control.
