Turkey arrests nine ‘Israelis’ after busting international fraud network

Istanbul prosecutors announced that a group of ‘Israelis’ managed a sprawling international investment fraud network operating from Turkey that defrauded victims worldwide of more than $3 billion.

The Istanbul Chief Public Prosecutor’s Office said the scheme used call centers and fake forex and cryptocurrency platforms to lure investors with promises of high returns.

In coordinated raids on Friday across 286 addresses in Istanbul and the southwestern province of Muğla, authorities targeted 28 to 29 companies operating 42 to 44 shell call centers.

Turkish Justice Minister Akın Gürlek said the operation, involving the National Intelligence Organization (MIT), police cybercrime units, the Financial Crimes Investigation Board (MASAK), and Interpol, resulted in the detention of between 191 and 201 of roughly 239 to 248 suspects.

Among those detained were 45 foreign nationals from 20 countries, including nine ‘Israelis’.

Gürlek stated that investigators found people with links to ‘Israel’ predominated among the owners and ultimate beneficiaries of the companies.

Prosecutors described the leaders as “Israeli fraud barons” who appointed managers in various countries to handle company registrations, human resources, and accounting while establishing call centers outside the targeted nations.

One alleged mastermind was identified as an ‘Israeli’ holding a Portuguese passport.

The network advertised on social media, search engines, and websites, promising lucrative forex and crypto returns.

Multilingual “conversion” and “retention” agents contacted interested parties, often under platform names such as Inefex, Quantum AI, Algo Education, and Exentral-Int.

Recruits received code names, fabricated life stories (sometimes claiming Oxford educations), and polygraph tests to screen for law-enforcement ties.

Phones were banned in offices, and speaking Hebrew was prohibited.

Victims saw fabricated profit displays to encourage larger deposits.

When they tried to withdraw funds, accounts were “blocked” and extra payments demanded for taxes or unblocking fees.

The money was never invested but transferred to overseas bank accounts and cryptocurrency wallets.

Authorities estimated illicit proceeds exceeded $3 billion, while roughly 13 billion Turkish lira ($266 million) in transactions over two years covered office expenses and salaries.

Prosecutors said the operators explicitly instructed staff not to target ‘Israeli’ or US citizens, focusing instead on victims in the United Arab Emirates, the United Kingdom, Canada, Australia, Ireland, Russia, Singapore, Malaysia, China, Switzerland, Belgium, Sweden, South Korea, and other countries in Europe, Asia, and Africa.

The move followed ‘Israel’s’ 2017 ban on binary options trading, which had previously fueled similar large-scale frauds.

Authorities seized assets worth about 1.5 billion Turkish lira, including vehicles and properties, and searches for remaining suspects continue.

The investigation remains ongoing.