Israelis Detained in Turkey Linked to Massive €1 Billion Fraud Ring
Turkish authorities have expanded their investigation into a vast fraud network involving Israeli citizens, uncovering 42 call centers allegedly operating under the guise of investment companies. The suspected financial damage could amount to billions of euros. Investigators are tracing money laundering routes through European firms and cryptocurrency accounts, and examining the methods used by call center employees who allegedly defrauded individuals into investing in fake platforms.
At the center of the probe is Igal Amit, an Israeli with Portuguese citizenship, whom Turkish investigators identify as a potential organizer of the multi-country operation. The crackdown began September 18 with raids on 286 locations in Istanbul and Mugla province, targeting 239 individuals and 28 legal entities. As of September 21, 211 suspects had been brought before a judge. Israel's Foreign Ministry confirmed the detention of several Israeli citizens and stated it is monitoring the situation and their legal rights.
Investigators believe Amit played a key role in managing the call centers and their finances. Particular attention is being paid to Webmove Holdings Limited, a Cyprus-registered company where Amit is listed as director. Authorities claim over 17 million Turkish lira (approximately $350,000) passed through bank accounts linked to him. Webmove is also being examined for technological ties to Ultar Holdings, another Cyprus firm directed by Israeli entrepreneur Yuval Dael, which allegedly provided corporate communications infrastructure.
The alleged scam involved call center operators posing as financial experts from London, New York, and Frankfurt. They targeted individuals, particularly the elderly, using stolen personal data and promising high returns on currency and cryptocurrency trades via simulated platforms. After initial small withdrawals were permitted, victims were persuaded to invest larger sums, sometimes by taking out loans or using property as collateral. When victims attempted to withdraw funds, access was blocked, and further payments were demanded for alleged taxes or fees.
Reports also detail harsh working conditions within some call centers, including punishments for failing to meet fundraising targets, such as confinement in unventilated rooms. These methods, dubbed 'boiler rooms,' allegedly intensified the pressure operators exerted on potential clients. The investigation is also focusing on international money laundering, with funds allegedly transferred through European bank accounts disguised as payments for services, then converted to stablecoins and moved to accounts in places like Portugal.
Turkish authorities estimate the network's operational costs over the past two years at around 13 billion lira ($266 million), excluding the total damage to victims, which a local TV channel suggests could reach billions of euros. The investigation continues to trace assets, freeze accounts, and determine the exact number of victims and the full extent of the damage.
