Turkish authorities have dismantled an international fraud network accused of luring investors with fake foreign exchange and cryptocurrency trading offers, detaining 201 suspects, including nine Israeli nationals. Turkish authorities said the network allegedly defrauded victims around the world of more than $3 billion.
اضافة اعلان
Major Crackdown
Turkish authorities carried out raids in Istanbul and Muğla in an operation involving the Istanbul Chief Public Prosecutor’s Office, the Turkish intelligence service, police and Interpol. The operation targeted dozens of companies and call centers, with the number of detainees rising to 201 out of hundreds of people under investigation.
Turkish Justice Minister Akın Gürlek said the investigation uncovered an international network with links to Israel. Authorities accused the network’s alleged leaders of running fraudulent operations through companies and call centers operating under the cover of various legitimate businesses. Nine Israeli nationals were among those detained.
According to Turkish authorities, the network used advertisements on social media, search engines and websites to attract potential victims before directing their information to representatives who spoke their languages. The representatives then persuaded them to transfer money for investment in foreign exchange and cryptocurrencies.
Alleged Links to Israel
Following the announcement of the operation, Turkish President Recep Tayyip Erdoğan criticized Israel in a post on X, saying Turkey knew which elements were being affected by its efforts against what he described as a “terror-free Turkey.” He also said Ankara would cut off the supply lines of what he called the country’s enemies one by one.
The involvement of several Israeli nationals attracted widespread attention in Turkish media. Turkish outlets published the names of nine Israelis reportedly working at call centers linked to the network.
Some Turkish media reports described the network as “Israeli-linked,” while Yeni Şafak reported claims that those arrested included an alleged “Mossad cell.” These claims remain allegations reported by the media and have not been established as facts.
How the Alleged Fraud Worked
According to the Turkish investigation, victims were approached with promises of high returns from foreign exchange and cryptocurrency investments. After making relatively small initial deposits, they were encouraged to transfer larger sums, while fake profits were displayed on the trading platforms used by the network.
When investors attempted to withdraw their money, their accounts were allegedly shown as “frozen,” and they were asked to make additional payments under pretexts such as taxes or account-unfreezing fees.
Investigators said the money was not actually invested. Instead, it was allegedly transferred to bank accounts and cryptocurrency wallets controlled by the network outside Türkiye. Turkish authorities said the operation involved 42 call centers linked to 28 companies, while Interpol had received hundreds of complaints from victims.
Turkish prosecutors also said the alleged leaders had instructed members not to target Israeli or U.S. citizens. According to Turkish intelligence findings cited in the case file, individuals linked to the network moved their activities to Türkiye and other countries after Israel banned binary-options companies from operating in the country in 2017.
Multiple Nationalities
The arrests were not limited to Israeli or Turkish nationals. Turkish authorities said 201 people had been detained, including 156 Turkish citizens and 45 foreign nationals. The foreign detainees included nine Israelis and 11 Pakistanis, as well as nationals of Azerbaijan, Syria, Jordan, Ukraine, Thailand, Indonesia, Morocco and several other countries.
Turkish reports said some of the companies involved operated under the guise of call centers, service providers, consulting firms and tourism businesses. Their networks allegedly employed multilingual staff who persuaded victims to transfer funds before the money was moved outside Türkiye.
The case has raised questions about the scale of the alleged financial crimes and the links between Israeli nationals and the suspects. Israel’s Foreign Ministry confirmed that it had received reports of Israeli citizens being detained over suspected criminal activity and said it was working to ensure their rights were protected.
