Turkey Detains 11 Israelis in $3 Billion Forex Fraud Probe

Turkish authorities have detained 11 Israeli citizens and Turkish Jews as part of a large-scale fraud investigation involving approximately $3 billion that disappeared after being allegedly obtained through currency market manipulation. Around 200 other suspects from various countries are also being investigated.

Investigators are struggling to recover the vast sums, with only a fraction of the money accounted for. Recovered assets include vehicles, some real estate, and a few hundred thousand dollars. The focus is now on tracing the flow of billions out of Turkey and identifying the leaders of Israeli criminal groups believed to be behind the scheme, who reportedly fled the country before the arrests.

Many of the alleged ringleaders, some holding dual Israeli and European citizenship, are believed to be operating from countries including Greece, Israel, Georgia, Kosovo, Bulgaria, and Belarus, complicating their apprehension. Turkish authorities have requested Interpol's assistance, and there is suspicion that some suspects may be using fake passports and aliases.

The investigation centers on call center networks operating from 43 locations across Turkey, employing hundreds of individuals. Investigators estimate that tens of thousands of people were victimized, with the total damages reaching around $3 billion.

According to sources, Israeli criminal groups, including Arabs, attempted to launder the funds through shell companies, investing in real estate in Europe, Israel, and Mexico, as well as in digital currencies, gold, and tech companies. Turkish media has also circulated a theory suggesting the detained Israelis and local Jews acted under the guise of the Mossad to steal money and damage Turkey's image, though the identities of alleged organizers remain unconfirmed.