Turkish authorities on Friday launched coordinated raids against an Israel-linked international fraud network accused of defrauding foreign nationals through bogus forex and cryptocurrency investment schemes.
On Sunday, authorities revealed details of the methods allegedly used by the network, including fake investment platforms, psychological pressure tactics and “boiler room” practices used to push employees to secure further deposits from victims.
The network allegedly used call centers to persuade victims to invest through fake trading platforms, with operators presenting themselves as representatives of prestigious international financial companies and promising high returns.
The network allegedly targeted elderly people, retirees and others with savings, using stolen or illegally obtained databases known as “leads” to identify potential victims. Call center operators reportedly contacted people who had searched online for information about investment opportunities and were considered easier to persuade.
Victims were initially encouraged to make relatively small deposits. In one alleged tactic, a victim who deposited around $250 would see the fake platform display a balance of about $1,000. Allowing the victim to withdraw a small amount allegedly reinforced the impression that the platform was genuine.
Once trust was established, operators allegedly encouraged victims to invest larger amounts, including their savings. When victims attempted to withdraw their funds, they were reportedly asked to make additional payments under pretexts such as taxes, account-blocking fees or other charges.
According to findings from the investigation, employees who failed to meet sales targets were allegedly subjected to intense pressure inside rooms without air conditioning, a tactic referred to as a “boiler room” method.
The investigation also identified key figures and companies allegedly involved in the network. Ygal Amit, described in the investigation as one of its key figures, allegedly operated the network through Cyprus-based Webmove Holdings Limited, while more than 40 call centers were allegedly established in Istanbul.
According to the investigation, payments made by victims through bank transfers or credit cards were allegedly routed to European accounts, including accounts linked to the Cyprus-based company, under descriptions such as software licensing fees or digital advertising revenue.
The funds were then allegedly converted into stablecoins through cryptocurrency exchanges or unlicensed brokers before being transferred to Portugal.
Turkish authorities launched coordinated raids on Sept. 18 at 286 addresses in Istanbul and Muğla as part of investigations into the network. Authorities detained 175 of 239 suspects during the initial phase of the operation.
Analyses by Türkiye’s Financial Crimes Investigation Board, findings from intelligence and police units, and hundreds of victim complaints obtained through Interpol revealed that people linked to Israel were predominant in the ownership and ultimate beneficiary structures of the companies, Justice Minister Akın Gürlek said.
The investigation involved the Istanbul Chief Public Prosecutor’s Office, the National Intelligence Organization (MIT), the police and MASAK, with international cooperation through Interpol.
Authorities said the network operated through dozens of companies and call centers and targeted victims in several countries, particularly in Europe, the Far East and Africa. Over two years, transactions linked to the network’s office expenses and salary payments reached approximately TL 13 billion ($266.4 million), according to authorities.
