Israeli-linked fraud network dismantled in Türkiye

ISTANBUL

Turkish police officers watch live CCTV images of the streets of Ankara.

Turkish authorities have detained 175 suspects in a major operation targeting an Israeli-linked international fraud network accused of swindling foreign nationals through fake forex and cryptocurrency investment schemes, Justice Minister Akın Gürlek said on Sept. 18.

The operation was launched simultaneously at 286 addresses across Istanbul and the southwestern province of Muğla, targeting 42 call centers operated by 28 companies.

Interpol units also took part in the raids, while further detentions were ongoing, Gürlek said.

According to the minister, four separate investigations found that companies operating under the guise of call centers had been luring victims through online and social media advertisements promising
high returns from forex and cryptocurrency investments.

An analysis of financial records by Türkiye’s Financial Crimes Investigation Board (MASAK), along with intelligence findings and hundreds of complaints from victims obtained through Interpol, indicated
that Israeli-linked individuals were predominant among the companies’ owners and ultimate beneficiaries.

The network allegedly used multilingual customer representatives and fake profit figures displayed on investment platforms controlled by the suspects to persuade victims to deposit additional funds.

When victims attempted to withdraw their money, they were allegedly asked to make further payments under pretexts including account blocking and taxes. Authorities determined that the funds were subsequently transferred to bank accounts and cryptocurrency wallets abroad.

The network primarily targeted victims in Europe, the Far East and Africa and transferred approximately 13 billion Turkish Liras ($266.4 million) over two years.