Istanbul Busts $3B Crypto Investment Fraud Ring, Arrests 191 Suspects
Turkish authorities have dismantled an international investment fraud network operating in Istanbul with over $3 billion in alleged losses, arresting 191 of 239 suspects. The operation was conducted jointly by the Interior Ministry, National Intelligence Organization (MIT), Istanbul Public Prosecutor's Office, Cybercrime Department, Interpol, and MASAK.
The scheme allegedly used Turkey-based companies disguised as service, consulting, and tourism centers to lure victims into forex and cryptocurrency trading through social media and advertising. Victims were initially encouraged to make small investments before being pressured to add more funds, only to face withdrawal blocks requiring additional payments under the guise of frozen accounts. Authorities searched 44 locations and 286 addresses, seizing vehicles, real estate, bank accounts, and crypto assets valued at approximately 1.5 billion Turkish lira.
