Türkiye uncovers global investment fraud network, detains 175

Turkish authorities have detained 175 of 239 suspects wanted in an investigation into an international fraud network allegedly targeting foreign investors through fraudulent forex and cryptocurrency schemes.

Turkish Justice Minister Akın Gürlek said the investigation uncovered a network of companies operating under the guise of call centers and allegedly luring foreign nationals with promises of high returns on investments, TRT Haber reports.

Investigators said victims were shown fictitious profits on platforms controlled by the suspects. When they attempted to withdraw their funds, they were allegedly required to make additional payments on various pretexts, including account restrictions and tax obligations.

According to the investigation, the money transferred by victims was subsequently moved to foreign bank accounts and cryptocurrency wallets. Gürlek said individuals linked to Israel predominated among the owners and ultimate beneficiaries of the companies involved.

The coordinated operation began at 5:00 a.m., with law enforcement officers searching 286 addresses in Istanbul and Muğla linked to 42 call centres operated by 28 companies. By 10:00 a.m., 175 suspects had been detained, while the operation was continuing.

Investigators estimate that the network, which allegedly operated across Europe, the Far East and Africa, generated a turnover of around 13 billion Turkish liras over a two-year period.

By Vafa Guliyeva