Turkey Arrests 191 in $3 Billion Forex and Crypto Investment Scam Linked to Israelis

Turkish authorities have arrested 191 individuals in a large-scale operation targeting an international fraud scheme involving fictitious investments in forex and cryptocurrencies, allegedly controlled by Israelis. The operation, which included searches at 286 locations in Istanbul and Mugla, resulted in the detention of 191 suspects out of 239 arrest warrants issued. According to the prosecutor's office, the network operated for at least two years, luring clients through online advertisements promising high returns. The scheme involved encouraging small initial investments, then pressuring clients to transfer more funds. When clients attempted to withdraw money, their accounts were blocked, and they were often asked for additional payments under the guise of taxes or lifting restrictions. The prosecution claims Israeli nationals organized the scheme, with call center employees forbidden from speaking Hebrew or using personal phones for security. Employees underwent polygraph tests to prevent leaks to law enforcement.

Investigators estimate that the scheme defrauded victims of over $3 billion over two years, with funds transferred to offshore accounts and cryptocurrency wallets. The primary victims were reportedly from Malaysia, the UAE, Russia, Singapore, the UK, Canada, and Australia, while Israelis and Americans were allegedly not targeted. Turkish authorities have also seized assets belonging to the suspects. This operation follows a previous incident in Istanbul where Turkish police uncovered a group producing counterfeit dollars, arresting individuals from Sweden, Ghana, Turkey, and one Israeli.