Turkish law enforcement agencies have carried out a large-scale operation against an international network suspected of investment fraud involving Forex and cryptocurrencies. During simultaneous raids in Istanbul and the province of Muğla, 175 of the 239 suspects were arrested. The operation covered 286 addresses.
- In Istanbul and Muğla, law enforcement officers carried out raids at 286 addresses.
- 175 of the 239 suspects have been arrested.
- Investigators are examining the activities of 28 companies and 42 call centres.
- Foreign nationals were targeted by the scheme, which offered them investments in Forex and cryptocurrencies.
- According to the Turkish authorities, the volume of online transactions over the past two years has reached around 13 billion Turkish lira.
The operation took place simultaneously at 286 addresses
The Turkish Minister of Justice announced the results of the operation on 18 September Akin Gürlek. According to him, the Istanbul Chief Public Prosecutor’s Office conducted four separate investigations throughout 2026 into companies operating under the guise of call centres.
As part of the investigations, law enforcement officers identified 28 companies, 42 call centres and 239 suspects. Simultaneous raids were launched in Istanbul and Muğla, involving the Turkish police, the financial intelligence unit MASAK, the Turkish National Intelligence Organisation and Interpol units.
As of the publication of the official figures, law enforcement agencies had detained 175 people, whilst the search for other suspects was ongoing.
How the cryptocurrency and Forex scam worked
According to the investigation, potential clients were identified through adverts on social media and the internet. Foreigners were offered the chance to invest in the Forex market and cryptocurrencies, with the promise of high returns.
Multilingual operators worked with customers call centres. Once the money had been deposited, users were allegedly shown their profits on investment platforms which, according to the Turkish authorities, were controlled by the network’s participants themselves.
When people tried to withdraw funds, they were asked to make additional payments — in particular, allegedly due to «account freezes», taxes or other charges. The money received was then transferred to overseas bank accounts and cryptocurrency wallets.
According to the investigation, the scheme targeted primarily victims in Europe, the Far East and Africa.
13 billion lira in transactions and the seizure of assets
The Turkish authorities state that, over a two-year period, the volume of financial transactions linked to the organisation’s activities amounted to approximately 13 billion Turkish lira, or approximately $266 million according to calculations cited by Anadolu. The investigation links some of these transactions to office expenses and salaries.
Separately, law enforcement officials reported the freezing of assets estimated to be worth approximately 1.5 billion Turkish lira. The assets seized or frozen include 80 cars and 12 properties. Restrictions have also been imposed on bank, cryptocurrency and corporate accounts.
According to a statement by the Turkish Minister of Justice, analysis by MASAK, data from the security services and the police, and hundreds of reports from victims via Interpol have indicated a significant presence of individuals linked to Israel amongst the owners and ultimate beneficial owners of the companies. This is the position of the Turkish investigation at the current stage of the case.
