Turkey Dismantles $3 Billion International Fraud Network; Nine Israelis Arrested

Turkey Dismantles $3 Billion International Fraud Network; Nine Israelis Arrested

By TheNATIONWEEK.com News Desk | September 22, 2026

ISTANBUL, Turkey – Turkish authorities have dismantled a vast international investment fraud network, arresting nine individuals identified as Israeli nationals among nearly 200 suspects. Prosecutors in Istanbul allege that the sophisticated operation, based in Turkey, defrauded victims worldwide of over $3 billion through fake forex and cryptocurrency platforms.

The Istanbul Chief Public Prosecutor’s Office detailed a scheme employing numerous call centers that lured investors with false promises of high returns. Coordinated raids on Friday targeted 28 companies operating 42 shell call centers across Istanbul and the southwestern province of Muğla.

Turkish Justice Minister Akın Gürlek confirmed the operation, a joint effort by the National Intelligence Organization (MIT), police cybercrime units, the Financial Crimes Investigation Board (MASAK), and Interpol. The extensive sweep resulted in the detention of 191 suspects out of an estimated 239. Among those apprehended were 45 foreign nationals from 20 countries, including the nine Israelis.

Gürlek stated that investigations revealed a significant presence of individuals with links to Israel among the companies’ owners and ultimate beneficiaries. Prosecutors described the network’s leaders as “Israeli fraud barons” who established call centers outside target nations, appointing managers in various countries to handle company registrations, human resources, and accounting. One alleged mastermind was identified as an Israeli citizen holding a Portuguese passport.

The fraudulent network aggressively advertised on social media, search engines, and websites, promising lucrative returns from forex and crypto investments. Multilingual “conversion” and “retention” agents then contacted interested individuals, often operating under fictitious platform names like Inefex, Quantum AI, Algo Education, and Exentral-Int. Recruits were given code names, fabricated life stories—some even claiming Oxford educations—and subjected to polygraph tests to screen for law enforcement ties. Strict operational protocols included a ban on phones in offices and the prohibition of speaking Hebrew.

Victims were shown fabricated profit displays to encourage larger deposits. When attempts were made to withdraw funds, accounts were “blocked,” and additional payments were demanded for fabricated taxes or unblocking fees. The funds were never actually invested but instead transferred to overseas bank accounts and cryptocurrency wallets.

Authorities estimate the illicit proceeds exceeded $3 billion. Approximately 13 billion Turkish lira (equivalent to $266 million) in transactions over two years reportedly covered office expenses and salaries. Prosecutors revealed that operators explicitly instructed staff not to target Israeli or U.S. citizens, focusing instead on victims in the United Arab Emirates, the United Kingdom, Canada, Australia, Ireland, Russia, Singapore, Malaysia, China, Switzerland, Belgium, Sweden, South Korea, and other countries across Europe, Asia, and Africa.

This significant operation follows Israel’s 2017 ban on binary options trading, which had previously fueled similar large-scale financial frauds. Authorities have seized assets totaling approximately 1.5 billion Turkish lira, including vehicles and properties, and the search for remaining suspects continues. The investigation is ongoing.