Turkish authorities detained 175 people on Friday during simultaneous raids targeting an alleged international fraud network accused of using fake forex and cryptocurrency investment schemes to defraud foreign nationals.
Justice Minister Akin Gurlek said authorities were seeking 239 suspects and had carried out operations at 286 addresses in Istanbul and the western province of Mugla. Raids began at 5am local time, and 175 suspects had been detained by 10am, while efforts to apprehend the others were continuing.
The operation followed four investigations conducted by the Istanbul Chief Public Prosecutor’s Office during 2026 into companies allegedly operating fraudulent investment schemes through call centres.
According to Gurlek, the companies used social media and online advertising to attract foreign nationals with promises of high returns from forex and cryptocurrency investments.
Investigators allege that multilingual customer representatives persuaded victims to deposit money into investment platforms controlled by members of the network. The platforms then displayed fabricated profits to encourage victims to invest additional funds.
When customers attempted to withdraw their money, they were allegedly told they needed to make further payments for reasons such as “account blockage” or “taxes.” Investigators say victims’ funds were ultimately transferred to overseas bank accounts and cryptocurrency wallets.
Gurlek said analyses by Türkiye’s Financial Crimes Investigation Board, intelligence and police findings, and hundreds of complaints obtained through Interpol indicated that individuals linked to Israel were predominant in the ownership and ultimate beneficiary structures of the companies under investigation.
Authorities subsequently identified what they described as an organised fraud network operating across multiple countries, particularly in Europe, the Far East and Africa.
Gurlek said transactions believed to be associated with office expenses and salaries reached approximately 13 billion Turkish liras ($266.4 million) over two years.
Friday’s operation targeted 28 companies and 42 call centres, with Interpol units also participating.
The investigation is being coordinated by the Istanbul Chief Public Prosecutor’s Office’s Bureau for Investigating Terror Financing and Money Laundering Crimes, working with Türkiye’s National Intelligence Organization, organised crime investigators and the Istanbul Police Department’s Cybercrime Branch.
The allegations against the suspects and companies remain under investigation and have not been established by a court.