Turkey: Israelis ran a billion-dollar fraud network - 191 arrested

The chief prosecutor's office in Istanbul announced that Israeli citizens ran an international investment fraud network operating from Turkey, causing over $3 billion in damages. In a large-scale operation by Turkish authorities, 191 suspects were arrested. The network operated through shell companies, misleading advertisements for forex and crypto investments, and a secret mechanism involving code names and cover stories.

The chief prosecutor's office in Istanbul announced yesterday (Friday) that Israeli citizens ran an international investment fraud network operating from Turkey, which extracted over $3 billion from victims worldwide. In a large-scale operation by Turkish authorities, 191 suspects were arrested. According to statements from the Turkish Ministry of Justice, the investigation revealed a large organization rather than the activity of individual companies. The prosecution calls the network's leaders "Israeli fraud barons." The network operated companies in Turkey presented as service, consulting, and tourism centers. Through advertisements on social networks, investors were promised high returns from forex and crypto investments. Employees recruited to the network were given code names and a fabricated "life story," and were forbidden from speaking Hebrew in the offices. Victims were initially asked to transfer small sums, and later were convinced to invest larger amounts. When investors sought to withdraw their money, they were told their account was blocked. The funds were never invested but were transferred to bank accounts and crypto wallets controlled by the network. According to MIT findings, after Israel banned binary options trading in 2017, Israeli entities sought to move the activity to other countries. The prosecution claims that the "Israeli fraud barons" ordered not to defraud Israeli and American citizens. The operation seized assets worth approximately 1.5 billion Turkish lira, including 80 vehicles and 12 properties.