Turkish authorities have detained 175 people in an investigation into an international fraud network accused of targeting foreign investors through fake forex and cryptocurrency investment schemes.
London’s trading industry is coming home!
Justice Minister Akin Gurlek said coordinated raids were carried out across Istanbul and Mugla as part of an investigation into companies that allegedly operated call centres and promoted investment opportunities through social media and online advertisements. The operation targeted 239 suspects across 286 addresses, including 42 call centres linked to 28 companies, according to the authorities.
Gurlek said individuals linked to Israel were predominant in the ownership and ultimate beneficiary structures of the companies involved. The statement describes the findings of the Turkish investigation and does not by itself establish involvement by the Israeli government or state institutions.
The investigation comes as Türkiye’s relations with Israel have remained strained since the Gaza war began. Türkiye halted direct trade with Israel in 2024, while political relations have continued to deteriorate.
The investigation covers four cases opened by the Istanbul Chief Public Prosecutor’s Office during 2026. Authorities said the companies targeted foreign nationals with promises of high returns from forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term and cryptocurrency investments through advertisements published online.
Investigators said the alleged network used multilingual customer representatives to attract victims. Suspects allegedly operated investment platforms showing fabricated profits, encouraging users to deposit additional funds.
When investors attempted to withdraw their money, they were allegedly asked to make further payments for reasons including account restrictions and taxes. Gurlek said the funds were then transferred to overseas bank accounts and cryptocurrency wallets.
İSRAİL BAĞLANTILI ULUSLARARASI DOLANDIRICILIK ŞEBEKESİNE BÜYÜK DARBE VURDUK!
Cumhurbaşkanımız Sayın @RTErdogan’ın liderliğinde, teknolojiyi ve finans sistemini suçun aracı hâline getiren ulusal ve uluslararası suç yapılanmalarıyla mücadelemizi kararlılıkla sürdürüyoruz. Suçtan…
— Akın Gürlek (@abakingurlek) September 18, 2026
Turkey Continues Search for Remaining Suspects
Authorities said analysis by Türkiye’s Financial Crimes Investigation Board, intelligence from the National Intelligence Organization, police findings and hundreds of complaints obtained through Interpol helped investigators trace the companies’ ownership structures.
The alleged network mainly targeted victims in Europe, the Far East and Africa. Authorities estimate that about TRY 13 billion ($266.4 million) moved through the network over two years. Gurlek said the figure represented transactions believed to be related to office expenses and salary payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term.
The operation remains ongoing, with authorities continuing to search for the remaining suspects and examine the financial flows connected to the alleged scheme. At the time of Gurlek’s announcement, 175 of the 239 suspects had been detained.
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