Mass arrests in Türkiye over large-scale investment fraud network

A major operation across 27 provinces centred in Istanbul, Türkiye, has led to the detention of 89 suspects accused of fraud through pseudo-investment groups and shell companies operating on digital platforms, according to investigators.

Within the scope of the probe, court-appointed trustees were assigned to four companies, 15 fuel stations, and a fuel storage and liquefied petroleum gas bottling facility, Caliber.Az reports via Turkish media.

Authorities also stated that 221 arrest warrants were issued in connection with cases involving “fraud” and “illegal betting.” The operation was carried out by the Istanbul Police Cybercrime Department under the coordination of the Anatolian Chief Public Prosecutor’s Office.

Investigators allege that suspects used the names and images of bank executives and investment professionals to create fake investment groups and companies, through which they generated illicit profits. The total transaction volume linked to the suspects and associated structures is estimated at approximately 60 billion Turkish lira (around $1.31 billion).

As a result of the operation, 89 individuals were detained across 27 provinces, while trustees were appointed to companies valued at 4.6 billion lira (approximately $100.17 million). Restrictions were also imposed on real estate, vehicles, company shares, bank accounts, and cryptocurrency assets.

Justice Minister Akın Gürlek said a “serious blow was dealt to criminal structures,” noting that efforts against cybercrime and organised fraud schemes will continue.

By Jeyhun Aghazada