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Turkish authorities detained 175 people on Friday in coordinated dawn raids on 42 call centres accused of luring foreign investors into fake forex and crypto platforms that showed fabricated profits.
Justice Minister Akın Gürlek said the operation targeted 239 suspects across Istanbul and Muğla, and that about 13 billion liras ($266.4 million) moved through the network over two years.
The investigation centres on companies accused of presenting investment opportunities through social media advertisements and online platforms, promising foreign investors high returns from forex and cryptocurrency investments.
Turkish authorities said the investigation was developed through four separate cases opened by the Istanbul Chief Public Prosecutor’s Office in 2026.
Gürlek said investigators identified an international structure that allegedly used technology and financial services to facilitate fraud against victims in multiple countries.
“We continue our resolute fight against national and international criminal structures that turn technology and the financial system into instruments of crime,” — Akın Gürlek, Turkey’s justice minister.
The authorities’ description of the ownership structures said people linked to Israel were predominant among the companies’ owners and ultimate beneficiaries. That finding concerns individuals identified in the investigation and does not, by itself, establish involvement by the Israeli government or any Israeli state institution.
The latest investigation comes months after Turkish prosecutors indicted 504 suspects in a separate Grand Bazaar-linked money-laundering case. That investigation alleged that nearly 40 billion Turkish liras passed through a network of shell companies and financial accounts, with cryptocurrency used to convert and move some of the proceeds abroad.
Investigators allege that the crypto fraud network used multilingual customer-service representatives to attract potential victims, particularly through online advertising and social media.
Once contacted, prospective investors were allegedly directed to investment platforms controlled by the suspects.
Those platforms reportedly displayed fabricated profits designed to persuade users that their investments were generating substantial returns. Victims were then allegedly encouraged to deposit additional funds.
The alleged fraud became apparent when investors attempted to withdraw their money.
According to Turkish authorities, victims were allegedly told they needed to make additional payments to resolve issues such as account restrictions or taxes before their funds could be released.
Instead of returning the money, investigators allege that funds were transferred to bank accounts and cryptocurrency wallets located overseas.
The use of cryptocurrency wallets is a significant element of the investigation because it allegedly provided another channel through which proceeds could be moved outside Turkey.
Authorities said the alleged crypto fraud network primarily targeted victims in Europe, the Far East and Africa, indicating that the operation was designed to reach investors beyond Turkey’s borders.
The investigation involved Türkiye’s Financial Crimes Investigation Board, intelligence officials, police units and Interpol-related information, with investigators examining hundreds of complaints from alleged victims.
Turkish authorities estimate that approximately 13 billion Turkish liras, equivalent to about $266.4 million, moved through the alleged crypto fraud network over a two-year period.
Gürlek said the figure represented transactions believed to have been associated with office expenses and salary payments.
The amount therefore does not necessarily represent money stolen directly from victims. Rather, authorities described it as the volume of transactions identified as connected to the network’s operations, according to the investigation.
The investigation also involved the alleged movement of funds through cryptocurrency wallets and overseas bank accounts.
Authorities said the financial analysis, intelligence findings, police investigations and complaints obtained through Interpol helped investigators establish connections between the companies and the individuals involved.
The scale of the operation reflects the international nature of the alleged scheme, with companies, call centres, financial flows and victims spanning multiple jurisdictions.
Turkey’s Justice Ministry said the operation was conducted simultaneously at 5 a.m. local time, with authorities moving against the identified companies, call centres and suspects. By 10 a.m., 175 suspects had been detained, while efforts to locate the remaining suspects continued.
The crypto fraud network investigation remains active as Turkish authorities continue searching for suspects who were not detained during the initial raids and trace financial transactions associated with the alleged scheme.
Gürlek said authorities were pursuing both the individuals involved and the proceeds allegedly generated through the operation.
“We are tracking the proceeds of crime and mobilizing all our resources to expose the perpetrators, their connections and their criminal proceeds,” — Akın Gürlek, Turkey’s justice minister.
The operation was coordinated by the Istanbul Chief Public Prosecutor’s Office, with assistance from Türkiye’s National Intelligence Organization, police cybercrime units, the Financial Crimes Investigation Board and Interpol, according to authorities.
The case also comes against the backdrop of strained relations between Turkey and Israel following the Gaza war. Turkey suspended direct trade with Israel in 2024, while political relations have remained tense. However, the investigation’s findings about alleged Israeli-linked ownership should not be interpreted as evidence of state involvement.
The case illustrates the increasingly cross-border nature of alleged investment fraud, where social-media advertising, multilingual sales operations, digital investment platforms and cryptocurrency transfers can operate across several jurisdictions.
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