Turkey Busts Israel-Linked Fraud Network Accused of $266 Million Scam

Turkish authorities have dismantled an international fraud network accused of defrauding victims across Europe, Asia and Africa through fake foreign-exchange and cryptocurrency investment schemes. Authorities said the network handled transactions worth about $266 million over two years.

The operation involved raids at hundreds of locations in Istanbul and Muğla, targeting dozens of companies and call centres. Turkish authorities said 175 of 239 suspects had been detained, with Interpol also involved in the investigation.

Investigators allege that multilingual call-centre operators attracted victims with promises of high investment returns. Customers were shown fabricated profits on platforms controlled by the network and encouraged to deposit more money. When they tried to withdraw their funds, they were reportedly asked for additional payments described as taxes or account-unblocking fees. The money was then transferred to overseas bank accounts and cryptocurrency wallets.

Turkish officials said people linked to Israel were predominant among the owners and ultimate beneficiaries of companies connected to the network. They also alleged that some Israel-based operations moved activities to Türkiye amid worsening political relations between the two countries. The allegations remain part of an ongoing criminal investigation.