Authorities arrested 250 suspects on Tuesday in nationwide operations against a criminal network accused of forging invoices and manipulating Turkey's iron and steel markets. Among the detained suspects was a prominent businessperson, E.E., who has been arrested in the past for money laundering and plotting the murder of an alleged loan shark.

Security sources quoted by Turkish media outlets said that the suspects defrauded the state of $1.5 billion (TL 25 billion) through fake invoices.

The Interior Ministry said an operation was launched some 10 months ago to monitor the suspects, based upon an investigation by the Chief Prosecutor’s Office in the capital Ankara into criminal groups operating in the iron and steel markets and seeking to monopolize them. A "working group" comprised of financial crimes police, tax inspectors and the Financial Crimes Investigation Board (MASAK) and supported by the police organized crime department was established to investigate the suspects. For 10 months, the suspects were wiretapped and watched, with the investigation revealing the involvement of three criminal gangs in said crimes. The suspects are accused of manipulating the markets and disrupting price stability, forcing rival companies to shut down and setting up front companies under other people's names in order to create fake invoices.

On Tuesday, an operation dubbed "Iron Fist" was launched in Ankara and 28 other provinces, including Istanbul, Hatay, Izmir, Adana and Kocaeli to capture the suspects, with the participation of 2,100 police officers and 250 tax inspectors. Arrest warrants were issued for 374 suspects and so far, 250, including E.E. and the leaders of the three criminal groups were detained while a manhunt is underway to capture the other suspects. Security forces also raided 14 factories and 850 locations, seizing documents, guns and other evidence related to the suspects’ wrongdoings.