Turkey Pursues Fraud Network Linked to Israel.. 201 Arrested and Millions in Assets Frozen

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The number of detainees in the Turkish city of Istanbul has risen to 201 individuals as part of a wide-ranging security operation targeting an international network suspected of involvement in financial fraud through foreign exchange "Forex" trading platforms and cryptocurrencies, according to Turkish authorities announced today, Saturday.

Turkish media outlets, including TRT, reported that the operation came after months of investigations and targeted companies and call centers suspected of using them to lure victims from various countries through investment advertisements and promises of high profits from trading in currency and digital asset markets.

Turkish security forces carried out simultaneous raids in Istanbul and Mugla on Friday, covering dozens of locations linked to the network. The first phase of the operation resulted in the arrest of 191 individuals, before security teams managed to apprehend 10 more suspects who were not present at their registered addresses, bringing the total number of detainees to 201.

According to Turkish investigations, the network relied on call centers staffed by employees who spoke multiple languages, communicating with potential victims in several countries to convince them to transfer money to trading platforms.

The authorities say that the victims were seeing fictitious profits on trading platforms before being asked to deposit additional amounts. When attempting to withdraw their funds, they were reportedly subjected to fictitious fees or taxes under the pretext of completing the withdrawals, according to investigations.

Data announced by Ankara indicates connections to Israel within the ownership structure of the companies and their ultimate beneficiaries. The lists of those detained also showed the presence of 9 Israelis and 11 Pakistanis, along with individuals of various Arab and foreign nationalities.

On the financial side, Turkish authorities imposed precautionary measures on assets and accounts linked to the suspects and the companies under investigation. The value of the assets subject to these measures was estimated at around 31 million US dollars (1.5 billion Turkish lira), in addition to the seizure of 80 vehicles and 12 properties, and restrictions on accounts, digital wallets, and cryptocurrency assets.

Authorities reveal that investigations have shown that the network executed financial transactions worth billions of lira over the past two years, targeting victims in European, Asian, and African countries.

Turkish security and judicial agencies continue their investigations to determine the full extent of the network and track the flow of funds and transfers outside the country, while the suspects remain subject to judicial procedures until the investigations are completed and final judicial decisions are issued against them.