Turkey says Israeli citizens led alleged $3 billion international investment fraud network
Turkish prosecutors say a global investment fraud network operating from Turkey was allegedly managed by Israeli citizens and targeted victims worldwide.
On Friday, Istanbul prosecutors announced that Israeli citizens allegedly orchestrated an international investment fraud network, defrauding victims worldwide of over $3 billion. The operation, coordinated by Turkey's Interior Ministry, National Intelligence Organization, Istanbul Chief Public Prosecutor's Office, Security Directorate's cybercrime unit, and Interpol, concluded with the arrest of 191 suspects.
Prosecutors stated that the network, led by Israeli nationals, was managed by Israeli "fraud barons." The leaders appointed managers in various countries where they established companies and service centers to run the fraudulent network. Turkish Justice Minister Akin Gurlek revealed that the investigation was part of four criminal cases launched this year, with company ownership structures and ultimate beneficiaries showing strong Israeli connections.
The fraud network established companies in Turkey as service, consulting, and tourism centers. Through online advertisements and search engine listings, potential investors were promised high returns from foreign exchange and cryptocurrency investments. Interested individuals' information was forwarded to customer management systems, where language-specific representatives persuaded them to transfer funds.
Employees of the fraud network were given fabricated life stories, often claiming they attended prestigious universities. They underwent polygraph tests to rule out ties to law enforcement. Phones were banned in offices, and Hebrew was prohibited to maintain secrecy.
The network used platforms like Inefex, Quantum AI, Algo Education, and Exentral-Int, switching names when complaints arose. Victims were initially asked to invest small amounts, later persuaded to invest larger sums. When investors requested withdrawals, they were told their accounts were blocked and required additional funds to pay taxes or remove restrictions.
According to prosecutors, the stolen funds were held in bank accounts and cryptocurrency wallets outside Turkey. During a joint operation by MIT and Istanbul Police, 44 locations across 29 companies and 286 addresses in Istanbul and Mugla Province were raided. Authorities seized or froze real estate, vehicles, bank accounts, and cryptocurrency assets belonging to 191 suspects.
Property worth approximately 1.5 billion Turkish lira was seized, including 80 vehicles and 12 properties. The alleged Israeli connection was central to the investigation, with Turkish intelligence noting that Israeli figures moved investment activities to other countries after Israel banned binary options in 2017. Investigated offenses include fraud through information systems and financial institutions, violations of capital markets laws, establishing and participating in a criminal organization, and money laundering.
Written by urgent.news from Jerusalem Post's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
