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FACC Recovers Millions Lost in Sophisticated Fraud Scheme: Spotlight on China’s Role in International Asset Recovery
Austrian aerospace manufacturer FACC, based in Ried im Innkreis, has finally recovered €10.8 million, nearly a decade after falling victim to one of the largest corporate fraud cases in the country's history. The case, which involved deceptive emails, impersonation of top executives, and complex international money transfers, not only reshaped the company’s internal controls but also tested the limits of global legal cooperation—especially between Austria and China, where a portion of the stolen money had been frozen for years.
The return of the €10.8 million in 2025 closes a dark chapter in FACC’s history—but also serves as a beacon for what’s possible when international legal cooperation succeeds, even when it takes nearly a decade. / Picture: © © FACC
In late 2015, FACC became the target of what is known as a “Business Email Compromise” (BEC) or “CEO fraud.” Criminals impersonated the company's then-CEO, Walter Stephan, through convincing and professional-looking emails. These emails were directed to an unsuspecting employee in the finance department, who was instructed to wire €54 million to foreign accounts under the…
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