Turkish authorities detained 175 people in a crackdown on an alleged network accused of running fake forex and cryptocurrency investment schemes targeting foreign investors. Authorities said the operation targeted 239 suspects across 286 addresses, with about $266.4 million believed to have moved through the network over two years.
Turkish authorities detained 175 people in coordinated raids across Istanbul and Mugla, part of an investigation into 28 companies accused of running fake forex and cryptocurrency investment schemes. Justice Minister Akin Gurlek said the companies operated call centres and promoted the schemes through social media and online advertisements.
The operation targeted 239 suspects across 286 addresses, including 42 call centres linked to the 28 companies. According to Finance Magnates: Gurlek said individuals "linked to Israel predominated" in the companies' ownership and ultimate beneficiary structures, though the statement does not by itself establish involvement by the Israeli government or state institutions.
Fake profits used to lure investors
The investigation covers four cases opened by the Istanbul Chief Public Prosecutor's Office during 2026. Authorities said the companies targeted foreign nationals with promises of high returns from forex and crypto investments advertised online, using multilingual customer representatives to attract victims.
Investigators said the platforms displayed fabricated profits to encourage users to deposit more money. When investors tried to withdraw funds, they were allegedly asked to make further payments over reasons such as account restrictions and taxes, after which the money was transferred to overseas bank accounts and cryptocurrency wallets, according to Gurlek.
Investigation traces network through Interpol complaints
Analysis by Türkiye's Financial Crimes Investigation Board, intelligence from the National Intelligence Organization, police findings and hundreds of complaints obtained through Interpol helped investigators trace the companies' ownership structures. The alleged network mainly targeted victims in Europe, the Far East and Africa.
Authorities estimate that about TRY 13 billion ($266.4 million) moved through the network over two years, a figure Gurlek said represented transactions believed to be related to office expenses and salary payments. The probe comes as Türkiye's relations with Israel have remained strained since the Gaza war began, with Türkiye having halted direct trade with Israel in 2024.
The operation remains ongoing, with authorities continuing to search for the remaining suspects and examine the financial flows connected to the scheme. At the time of Gurlek's announcement, 175 of the 239 suspects had been detained.
Source: Finance Magnates
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