Fraud & Asset Recovery Law Firm

In today’s global and digital business landscape, instances of fraud are unfortunately more frequent and complex. Recovering assets lost due to these fraudulent activities, however, poses unique challenges. At such times, it’s crucial to have the assistance of a specialised law firm. Oon & Bazul is one such reputable law firm that holds expertise in fraud and asset recovery.

Our Fraud & Asset Recovery Practice provides clients with immediate assistance as soon as a fraud is discovered. We are specialists in obtaining urgent protective injunctions and freezing orders to prevent a fraudster from dissipating monies or assets.

Services in Fraud Law

Oon & Bazul offers a comprehensive suite of services to recover misappropriated assets and prevent future fraudulent activity. These encompass:

  • Tracing and Recovering Assets: Our firm excels at tracking and retrieving assets transferred across jurisdictions in the aftermath of fraudulent activities.
  • Securing Freezing Orders: Oon & Bazul’s rapid response team can promptly procure freezing orders to halt the further dissipation of at-risk assets.
  • Collaboration with Investigators: By partnering with professional investigators and corporate intelligence providers, our firm uncovers hidden information and reveals fraudulent activities.
  • Immediate Action Upon Fraud Discovery: When fraud is uncovered, our law firm responds swiftly and decisively to ensure optimal asset recovery.
  • International Collaboration: Working alongside international authorities and lawyers, Oon & Bazul facilitates effective cross-border asset recovery.
  • Maintaining Confidentiality and Integrity: Prioritising client confidentiality and upholding professional integrity are core principles in all Oon & Bazul’s cases.

Expertise of Oon & Bazul in Fraud and Asset Recovery

Our team of lawyers delivers exceptional legal services, setting our law firm as a leading authority in fraud and asset recovery. Their in-depth knowledge, rich experience, and strategic acumen make Oon & Bazul a top choice for anyone seeking expert assistance in navigating the complex legal landscape surrounding fraud and asset recovery.

Bazul Ashhab, Managing Partner and Head of Dispute Resolution at Oon & Bazul, is renowned for his expertise in Court Litigation, International Arbitration, and Cross Border Mediation. Specialising in commercial law, international trade, banking, and fraud and asset recovery, among other areas, he is recognised for his strategic acumen and deep legal knowledge. His extensive experience allows him to effectively solve complex disputes across various regions. His accomplishments in fraud and asset recovery include securing a record US$5 billion freezing order in Singapore.

A Partner in our firm’s Litigation & Dispute Resolution Practice, Lionel Chan has comprehensive experience representing institutional and high net-worth clients in contentious matters. His specialisation lies in resolving complex commercial disputes involving significant cross-border elements, and he has broad experience in banking law, contractual claims, employment issues, international trade disputes, investment and joint venture disputes, shareholder disputes, trust law, and tort.

Like Bazul, Lionel has a rich experience in fraud and asset recovery claims, playing a key role in securing a US$5 billion freezing order in Singapore. Lionel was also involved in securing what is likely the first ever freezing order against “persons unknown” in Singapore.

Keith, who heads the Restructuring and Insolvency Department in our law firm, is known for his expertise in complex commercial dispute resolution, restructuring and insolvency. His in-depth knowledge of cross-border restructuring and insolvency matters, fraud and asset recovery, shareholder and company law disputes, as well as employment, equity and trust, probate and wills disputes makes him a formidable player in the field.

Membership in the International Fraud Group (IFG)

Our firm is the Singapore member of the International Fraud Group (IFG), an elite network of leading international fraud and asset recovery law firms and legal practitioners. Our firm is also the sole and exclusive member of IFG in Singapore. This membership enhances our fraud and asset recovery capabilities by providing access to a wealth of global fraud and asset recovery expertise and resources.

As a member of the IFG, we have quick and ready access to like-minded fraud and asset recovery legal specialists worldwide, offering swift and robust responses in complex cross-border fraud cases. When you choose Oon & Bazul, you gain the advantage of our international reach and the collective knowledge of the IFG, further increasing your chances of a successful asset recovery.

Case Studies for Fraud

Our law firm has, through the years, overseen, handled, and coordinated a variety of fraud and asset tracing claims involving billions of dollars including banking fraud, commodity fraud, cyber fraud, insurance fraud, investment fraud, fraud involving the misuse of corporate structures, forgery, and most recently cryptocurrency fraud.

Significant fraud and asset recovery cases we have handled include the following:

In one of the most significant victories in our firm’s history, we represented one of the largest banks in Central Asia in a complex fraud case that spanned several jurisdictions worldwide.

The challenge in this case was the vast scale of the fraud, with a staggering US$5 billion at stake. This was likely the largest freezing order secured in Singapore at the time. Coordinating together with legal teams across various jurisdictions, including the UK, Hong Kong SAR, Luxembourg, and Cyprus, we were able to launch a simultaneous freezing of the defendants’ assets across the various jurisdictions.

The operation was deadly effective as it brought the defendants to the table very swiftly and an amicable resolution was reached with a majority of the defendants within days from us securing the freezing orders.

We acted for a large Middle Eastern bank that had fallen victim to an intricate fraud scheme. Perpetrators had created a network of companies, impersonating entities related to multinational oil majors such as British Petroleum and Total, to induce the bank to extend trade credit facilities.

This case involved a brazen fraud involving a complex network of impersonating entities across different jurisdictions. Our strategic response was two-pronged: to halt the fraud and to seek recovery of the misappropriated funds.

The cornerstone of our approach was securing Mareva injunctions against the defendants, an effective legal remedy that froze the defendants’ assets. Furthermore, we pursued enforcement proceedings, leading to the successful seizure of Gold Bars of significant value in the possession of the defendants.

Cryptocurrency-related fraud is a sophisticated and modern criminal method that presents unique challenges due to its digital nature and global scope. In this notable case, we were instructed to act for a Dubai resident to recover 1,400 bitcoins (worth about US$77 million at the relevant time) that were stolen from his cryptocurrency wallet due to a hack.

Given the novelty of cryptocurrency fraud then, we had to take up a number of applications which are likely to be legals firsts in Singapore, namely:

  1. First ever freezing order against “person unknown”;
  2. First ever third-party disclosure order against a foreign disclosure respondent (i.e. against the cryptocurrency exchange headquartered in an offshore jurisdiction);
  3. First ever third-party disclosure order against an employee acting in their capacity as agent of their employer;
  4. First ever third-party disclosure order against the controller of a social media account.

The case is also the largest cryptocurrency recovery claim in value brought in Singapore and demonstrates our firm’s in-depth knowledge of the operations of the cryptocurrency wallets, exchanges, and tracing methodology. It also demonstrated our ability to come up with novel solutions to solve the clients’ legal problems.

In another case, we were hired by a Singapore company to manage a commodities trading fraud. This case involved fraudulent activities orchestrated by the company’s director/shareholder, requiring us to freeze his assets to prevent further damage.

We took swift action and successfully secured a Mareva injunction in Hong Kong and Singapore, Our strategic approach and the use of immediate and effective legal mechanisms prevented the further dissipation of misappropriated assets. We also applied for and secured a third-party freezing injunction, also known as a Chabra injunction, against an asset legally held by the defendant’s wife but suspected to be beneficially owned by the defendant.

Throughout this case, our fraud and asset recovery lawyers were able to protect our client’s financial interests and ensure the accountability of the fraudulent party. The case serves as further evidence of our law firm’s deep expertise in fraud and asset recovery law, illustrating our commitment to delivering optimal results for our clients.

Get Immediate Assistance in Fraud Cases

When it comes to fraud cases, prompt and decisive response is key to mitigate losses and initiate recovery of misappropriated assets. Our lawyers at Oon & Bazul are equipped with the requisite knowledge, skills, and resources to respond immediately in fraud cases. The aim is to limit further damage, secure crucial evidence, and set the asset recovery process in motion as quickly as possible. Our law firm’s response is tailored to the urgency of the situation, ensuring both discretion and efficiency.

Critical to any response is the safeguarding of the stolen assets. This often involves applying to the Court for freezing injunctions, commonly referred to as Mareva injunctions. This is also often coupled with securing disclosure orders from third parties including banks and cryptocurrency exchanges in order to obtain documents and information to identify the perpetrators of fraud, where their identities are unknown. These steps help to prevent the fraudsters from dissipating or transferring disputed assets.

The landscape can become highly complex when assets have been transferred across borders, necessitating international cooperation and jurisdictional expertise. Oon & Bazul’s vast network of contacts and established relationships with international lawyers are significant in such cases.

With our comprehensive understanding of international legal processes, our law firm is proficient at tracing assets transferred abroad, obtaining freezing orders in foreign jurisdictions, and finally facilitating recovery. Our familiarity with international practices and norms, along with our ability to coordinate with foreign authorities and lawyers, assures a high level of effectiveness in global asset recovery.

Tracing and preserving evidence is a critical part of any successful fraud investigation, and Oon & Bazul excel in this regard. By working closely together with investigators and corporate intelligence providers, our lawyers are able to track down and secure crucial information.

The process of gathering evidence is not confined to a single jurisdiction. Therefore, we employ strategies that are effective across multiple legal landscapes. Leveraging on our strong partnerships across the world, we can obtain and preserve evidence across borders, ensuring that no stone is left unturned.

Our law firm’s meticulous approach to evidence gathering and preservation not only assists in the immediate case but also helps to fortify clients’ positions for any related future legal proceedings. This level of thoroughness is part of the reason why Oon & Bazul stand out as a trusted partner in dealing with fraud-related matters.

Proactive Fraud Prevention Strategies

The best defence against fraud is to take a strong offensive stance. For individuals, this entails regularly monitoring financial transactions, using secure and unique passwords, and being vigilant when sharing personal information. It is crucial to remember that personal information is an invaluable asset, and safeguarding it is a vital step in fraud prevention.

Businesses, on the other hand, have the capacity to adopt a broad spectrum of robust preventive measures. The deployment of secure payment systems and encryption methods forms the bedrock of safeguarding sensitive information. Regular internal audits not only spotlight potential vulnerabilities but also deter potential in-house fraudsters.

Moreover, a well-designed internal control system with clear separation of duties and stringent financial checks can pinpoint discrepancies or potential misappropriations.

Due diligence also acts as a fundamental preventive measure in business operations. Performing a comprehensive examination of all business associates, encompassing customers, suppliers, and partners, can mitigate risks early. Through due diligence, suspicious activities or risky associations can be identified and addressed before significant damage occurs.

Equally important is fostering a culture of employee awareness, making them an integral part of fraud prevention strategy. Regular training sessions equip employees with the knowledge to recognise signs of fraud, understand its implications, and navigate the appropriate reporting channels. By promoting a culture of transparency, vigilance, and continuous learning, each member of the organisation becomes a crucial player in the fight against fraud.

That being said, should you or your business require guidance or intervention in potential or existing fraud cases, our experienced lawyers at Oon & Bazul are ready to assist.

Frequently Asked Questions About Fraud Lawyers

Oon & Bazul fosters a close working relationship with investigators, leveraging their skills in digital forensics, corporate intelligence, and traditional detective work. Investigators delve into the more technical intricacies of financial transactions and digital footprints, while our fraud lawyers interpret the findings within a legal framework, driving efficient asset tracing and fraudster identification.

In dealing with challenges posed by blockchain technology and international jurisdictions, Oon & Bazul deploys its legal team’s tech-savviness, know-how, and global connections. Our understanding of digital currency protocols and international asset tracing techniques allows us to penetrate the often opaque world of cryptocurrency, and to help fraud victims track down their stolen assets.

Oon & Bazul enforces freezing orders and recovers misappropriated assets by leveraging a robust understanding of local and international laws. Once a freezing order is obtained, our lawyers will liaise with the relevant authorities and third-party entities such as banks, ensuring these orders are respected and implemented swiftly. Subsequently, we pursue legal remedies like enforcement proceedings including garnishee proceedings, writs of seizure and sale, contempt proceedings to recover assets.

Oon & Bazul coordinates with international authorities through its affiliation with the International Fraud Group (IFG) and its broad network of legal practitioners worldwide. Sharing information, resources, and strategies with these entities enables our team of lawyers to effectively trace, freeze, and recover assets, even when they have been transferred out of Singapore.

For clients dealing with hidden or offshore assets involved in fraud, Oon & Bazul provides comprehensive asset tracing services. Our law firm utilises international legal tools, like disclosure orders against banks, to expose hidden assets and identities. Our broad international network aids in unveiling offshore holdings and facilitating asset recovery.

As an IFG member, Oon & Bazul leverages international cooperation in cyber fraud cases. Our team of lawyers work closely with global partners to determine, track and prosecute fraudsters across borders, regardless of the complexity or scale of the fraud.