Istanbul busts $3 billion crypto investment fraud, arrests 191 suspects

PANews reported on September 20, citing The Jerusalem Post, that the Istanbul Chief Public Prosecutor's Office said an international investment fraud network allegedly controlled by Israeli citizens and operating in Turkey has been dismantled, involving more than $3 billion. Turkey's Ministry of Interior and National Intelligence Organization (MIT), together with the Istanbul Chief Public Prosecutor's Office, the police cybercrime department, Interpol and the Financial Crimes Investigation Board (MASAK), carried out the operation, arresting 191 of 239 suspects. The network disguised itself through companies in Turkey as service, consulting and tourism centers, using social media and advertisements to lure investors into forex and cryptocurrency trading while promising high returns. Victims were first induced to invest small amounts and later persuaded to add more funds; when withdrawing, they were asked for additional payments on the grounds of "account freezing." The funds were actually transferred to bank accounts and crypto wallets controlled by the suspects. During the operation, 44 premises and 286 addresses were searched, and vehicles, real estate, bank accounts and crypto assets were seized, with an estimated value of about 1.5 billion Turkish lira.