Invest Nova Scotia has recovered almost all the $573,000 stolen from it in a phishing scam this past spring, the economic development agency said Friday.

In July, the economic development agency said an imposter posing as a venture capital executive stole the money, which was intended for the investment group Sandpiper Ventures. The theft was the work of a hacker using a Russian VPN.

On Friday, Director of Strategic Communications Shawn Hirtle said $551,000 of the stolen money ended up in an RBC bank account. The agency worked with the provincial Department of Justice to launch a court action to get that money back and was successful in August.

There is another $20,000 in a BMO account that the province is now working to get back, and Hirtle said it expects to be successful. Assuming Invest Nova Scotia recovers this second tranche of money, it will be down about $2,500 because of the scam.

"We understand we are fortunate to be recovering the majority of the funds," said Hirtle in an email. "Invest Nova Scotia continues to take this matter seriously." 

Hirtle added the Halifax Police Department has begun a criminal investigation into the incident, which is ongoing.