By Jacqueline Carpenter RCIPS Public Relations Officer, From RCIPS

US Court Repatriates Funds to Fraud Victim in Cayman Islands after RCIPS Case Initiates International Investigation

On Friday, 11 November, a woman in the Cayman Islands who had fallen victim to a scam perpetrated through an advertisement on E-Cay Trade in 2014 received full restitution for lost funds by order of a US Court. This is the first time a US Court has restored and repatriated funds to a fraud victim in the Cayman Islands, and it is the successful result of collaborative efforts between the RCIPS Financial Crimes Unit and several US law enforcement agencies. Altogether the US investigation concluded with a total of eighteen victims in fifteen countries, four convictions, and a total of $163,000USD in recovered funds.

In October 2014 the RCIPS FCU received a complaint from a woman who had responded to an advertisement on E-Cay Trade to purchase a Toyota RAV for a few thousand dollars. The woman was instructed to send the funds via various remittance services to a person in the state of Indiana who purported to be a Caymanian student attending school in the U.S. The victim was told that the vehicle would be available in East End after the payments were made, but no vehicle handover ever occurred.

The RCIPS FCU actively liaised with the FBI, Immigration and Customs Enforcement (ICE) and investigation teams with Money Gram International while investigating the complaint. US enquiries then led to the discovery that the same people involved in the complaint originating in the Cayman Islands had defrauded another 17 victims in 14 countries in 88 separate transactions using similar tactics. Between December 2015 and September 2016 four people in the U.S. were arrested and pleaded guilty to various dishonesty offences related to the scheme. The US Court ordered a repatriation of funds to victims, including the victim who originally filed the complaint here in the Cayman Islands.

“This is a wonderful example of the benefits of international law enforcement cooperation,” said Pete Lansdown, Detective Superintendent of Criminal Investigations, “which is the best way to prevent and track fraud and financial crime that is increasingly international and cyber-enabled. Even more importantly, though, this case illustrates that these kinds of crimes can be solved, with a good result for victims who have lost their money. I encourage anyone who has fallen victim to these kinds of schemes to report it to us.”

The RCIPS Financial Crimes Unit can be reached at 949-8797. Anonymous tips can be provided at the RCIPS Confidential Tip Line at 949-7777.

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IMAGE: The Manitoulin Expositor