Police detain more than 130 in major forex scam op

ISTANBUL

Istanbul police’s anti-cybercrimes unit has conducted a large-scale simultaneous operation against 153 suspects at 88 addresses regarding forex investment fraud and has detained 132 people.

As a result of the technical and physical follow-up also carried out simultaneously in 17 other provinces, the teams found out that the suspects made a profit of around 10 billion Turkish Liras ($520 million).

Special operations teams and a police helicopter also provided aerial support to the operation.

The cyber operation, the biggest in the country in recent years according to local media, revealed that the suspects set up illegal companies not registered with the Capital Markets Board (SPK), deceived the citizens under the pretext of investment and then confiscated the money on the grounds that their investments are bankrupt.

The leader of the cyber organization, whose identity is not yet known, is believed to be in England, local media say, adding that the suspects send scam money to England and Montenegro through a system called virtual post and try to lose track of the money illegally.

Separately, more than 160 separate front companies were also established in order to lose trace of the scam money, the operation revealed.

Experts from the Financial Crime Investigation Board (MASAK) following the investigation found that only one company had withdrawn 4 billion liras with its swiping device. Accordingly, the teams estimate that the cyber hit actually exceeded hundreds of billions of liras.

The gang not only defrauded investors, but also helped those who defrauded the market by organizing a fake sales system for Türkiye’s new electric car TOGG, for example, to transfer their money and take it abroad, local media claims. Moreover, a large part of illegal betting and other black money in Türkiye is processed on this system.

The proceedings of the detained continue at the police station.