Daijiworld Media Network - Istanbul
Istanbul, Sep 21: Turkish authorities have detained 201 suspects, including nine Israeli nationals, in a major crackdown on an international investment fraud network accused of defrauding victims of more than $3 billion, according to Turkish authorities and media reports.
The operation targeted an Israel-linked network allegedly involved in fake foreign exchange and cryptocurrency investment schemes. Authorities carried out simultaneous raids at hundreds of locations in Istanbul and the southwestern province of Mugla.
Turkish Justice Minister Akin Gurlek said the investigation identified 42 call centres linked to 28 companies. Authorities initially detained 175 of 239 suspects during the September 18 operation, with the number later rising to 201.
The nine Israeli nationals were among the foreign suspects detained. Other foreign nationals included citizens of Pakistan, Azerbaijan, Syria, Jordan, Ukraine, Thailand, Indonesia, Morocco, Kazakhstan, the Philippines, Iran, China, Lebanon, Palestine, Mexico, Egypt, Mozambique, Argentina and Bangladesh, Turkish state media reported.
According to investigators, the network operated through companies presented as legitimate financial businesses and used online and social-media advertisements to lure victims with promises of high returns from forex and cryptocurrency investments.
The suspects allegedly used multilingual call-centre operators to persuade victims to invest more money. Investigators said fake profits were displayed on investment platforms controlled by the network, while victims attempting to withdraw their funds were allegedly asked to make additional payments on grounds such as account freezes or taxes.
The money was then allegedly transferred to bank accounts and cryptocurrency wallets abroad. Turkish authorities said the investigation was based on financial analysis, intelligence findings and hundreds of complaints received through Interpol.
Turkish authorities also seized assets believed to be linked to the alleged criminal activity. According to Anadolu Agency, assets worth around 1.5 billion Turkish liras, along with 80 vehicles and 12 properties, were seized, while bank, cryptocurrency and company accounts were blocked.
The investigation remains ongoing, with authorities continuing efforts to identify additional suspects and trace the proceeds of the alleged fraud.