Turkey detains 175 in forex and crypto fraud probe tied to overseas payments and wallets

Turkish police detained 175 people in İstanbul and Muğla on Friday in four related investigations into a suspected international forex and cryptocurrency fraud network. For PSPs and payment operators, the notable part is not just the scale, but the alleged path of the money: fake investment flows, overseas bank accounts, and cryptocurrency wallets.

1. Justice Minister Akın Gürlek said the network targeted foreign nationals and that most of the companies’ owners and beneficiaries had links to Israel. Authorities said the operation targeted 239 suspects and 42 call centers operated by 28 companies, with raids conducted at 286 locations to find the remaining suspects.
2. According to Gürlek, the network allegedly used online forex and cryptocurrency advertisements to attract victims in Europe, East Asia and Africa. Multilingual call center staff promised high returns and showed victims fake profits on investment platforms; when victims tried to withdraw funds, they were asked to pay additional taxes or fees to unblock their accounts.
3. Gürlek said the money was then transferred to overseas bank accounts and cryptocurrency wallets. He added that transactions believed to cover office expenses and salaries alone reached approximately 13 billion Turkish lira ($267 million) over two years.
4. The İstanbul prosecutor’s money laundering bureau led the investigation with assistance from the National Intelligence Organization (MİT), police cybercrime units, the Financial Crimes Investigation Board (MASAK) and INTERPOL. Investigators reviewed hundreds of complaints obtained through INTERPOL, along with MASAK reports and intelligence and police findings.
5. The Interior Ministry said authorities seized assets valued at approximately 1.5 billion lira ($31 million), along with 80 vehicles and 12 properties believed to have been acquired through criminal activity. Bank, cryptocurrency and company accounts linked to the suspects were also frozen.

The case lands in a broader Turkish enforcement pattern. In November 2025, 76 people were detained in a separate investigation into alleged laundering tied to illegal betting, foreign exchange investment scams and other fraud schemes through front companies and currency exchange offices in İstanbul’s Grand Bazaar. In January, an İstanbul court appointed a state trustee to the Papel electronic payment company during an investigation into allegations that proceeds from illegal betting, unauthorized foreign exchange trading and fraud were transferred through electronic money and payment service providers.