CASE STUDIES
Operation Silverton
$2.3M partially recovered · 2 referrals made
Summary
A Dutch financial services firm reported a sophisticated invoice fraud scheme resulting in a loss of €2.1M over six months. The perpetrators had infiltrated the firm's supplier email chain, redirecting legitimate invoice payments to fraudulent accounts. Capital Path was engaged eight months after the initial loss was discovered.
Investigation
Capital Path's financial intelligence unit traced the initial payment hops through three Dutch correspondent banking nodes before the funds were converted to USDT and moved across fourteen wallet addresses. The Intel Tech unit identified a consolidation wallet linked to a previously flagged entity in our internal database. Cross-referencing with open cases revealed the same wallet cluster had appeared in two prior investigations involving UK and Belgian victims.
Capital Path engaged partner authority MAS (Monetary Authority of Singapore) via the MOU framework, requesting KYC disclosure on the exchange accounts used for final cash-out. Simultaneously, a formal asset preservation request was submitted to the UAE financial intelligence unit covering a secondary cash-out route.
Outcome
MAS KYC disclosure identified two individuals linked to the cash-out accounts. Approximately €1.9M had been moved beyond recovery. Capital Path secured a partial asset freeze of €420,000 held in a Singapore exchange account. Both identified individuals were referred for prosecution to Singapore authorities. The remaining funds were traced to the UAE where an asset preservation order was granted on €380,000 — civil recovery proceedings ongoing by the client's legal counsel.
Total recovered or preserved at time of publication: approximately 38% of loss.