Turkish authorities detain 175 in crackdown on alleged Israel-linked forex and crypto scam

Turkish police detained 175 individuals in Istanbul and the western province of Muğla during coordinated raids on a suspected international forex and cryptocurrency fraud network. The operation, which covered 286 locations, aimed at 239 suspects and 42 call centres operating for 28 companies, many of whose owners and beneficiaries are said to have links to Israel, according to Justice Minister Akın Gürlek. Victims from Europe, East Asia and Africa were attracted by online ads promising high returns, only to be blocked from withdrawing funds unless they paid additional taxes or fees.

The illicit transfers are estimated at about 13 billion Turkish lira ($267 million) over two years, funneled to foreign bank accounts and crypto wallets. The Interior Ministry reported the seizure of assets valued at roughly 1.5 billion lira, along with 80 vehicles and 12 properties, and the freezing of related financial accounts. The investigation was led by Istanbul’s money-laundering bureau with support from the National Intelligence Organization, police cybercrime units, the Financial Crimes Investigation Board and INTERPOL.