Turkey says Israeli citizens led alleged $3 billion international investment fraud network

Istanbul prosecutors announced on Friday that Israeli citizens allegedly led an international investment fraud network operating from Turkey, defrauding victims worldwide of over $3 billion. The operation, a collaboration between Turkey's Interior Ministry, National Intelligence Organization, and other agencies, resulted in the arrest of 191 suspects. Turkish Justice Minister Akin Gurlek stated that investigations revealed a large organization "managed by Israeli citizens," with leaders referred to as "Israeli fraud barons." The network allegedly used social media and websites to promise high returns on foreign exchange and cryptocurrency investments, but funds were not invested and instead transferred to accounts controlled by the network. Employees were given code names and fabricated life stories, and were prohibited from speaking Hebrew in offices. The alleged "Israeli fraud barons" reportedly instructed employees not to target Israeli or US citizens, focusing instead on countries like the UAE, UK, Canada, and Australia. Authorities seized approximately 1.5 billion Turkish lira in assets, including vehicles and properties, and investigations into fraud, capital markets violations, and money laundering are ongoing.