Turkey says $3 billion investment fraud network uncovered — Jerusalem Post
The Istanbul Prosecutor’s Office said an international investment fraud network operating from Turkey was allegedly run by Israeli citizens. According to investigators’ estimates, the amount of money obtained from victims in various countries exceeded $3 billion, the Jerusalem Post reports.
The operation was conducted by Turkey’s Ministry of Interior and the Turkish National Intelligence Organization, MIT, in coordination with the Istanbul Prosecutor’s Office, the Istanbul Police cybercrime unit, and Interpol. Turkey’s Financial Crimes Investigation Board, MASAK, is also participating in the investigation. Of the 239 suspects identified by prosecutors as targets of the operation, 191 were arrested.
Fake investment scheme
According to prosecutors, the network used companies in Turkey presented as service, consulting, and tourism centers. Potential investors were promised high returns from foreign exchange and cryptocurrency market transactions through advertisements on social media, search engines, and websites.
The data of people who expressed interest in investments were passed to representatives who communicated with them in their own languages and persuaded them to transfer money. Investigators claim that victims were initially encouraged to deposit small amounts and later to make larger investments. According to the Prosecutor’s Office, the suspects may have created the appearance of profits in accounts to prompt people to make further transfers.
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When investors attempted to withdraw funds, they were allegedly told that their accounts had been blocked and were asked for additional payments supposedly to pay taxes or lift restrictions. Investigators believe that this money was not actually invested but transferred to bank accounts and cryptocurrency wallets controlled by the network.
Raids and asset seizures
During the joint operation by MIT and Istanbul police, law enforcement officers raided 44 sites linked to 29 companies, as well as 286 addresses in Istanbul and Muğla Province. Real estate, vehicles, bank accounts, and crypto assets were seized or frozen.
Turkey’s Interior Ministry separately reported the seizure of property it considers likely criminal proceeds, with an estimated value of 1.5 billion Turkish lira. This includes, in particular, 80 vehicles and 12 real estate properties. The possible offenses under investigation include fraud using information systems and financial institutions, violations of capital markets legislation, establishing and participating in a criminal organization, and money laundering. The Prosecutor’s Office did not specify how many Israeli citizens were among those arrested.
