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- October 12, 202619°
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- USD49.220.00%
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- INTEREST37.00%-1.00
- BITCOIN83,014-0.79%
- October 12, 202619°
Authorities detain 201 suspects in Istanbul and Muğla investment fraud operation
The number of suspects detained in an investment fraud investigation covering Istanbul and Muğla rose to 201 on September 19, 2026. The case involves citizens of 20 countries, including nine Israeli nationals among those detained.
Major investment fraud operation in Istanbul and Muğla leads to 201 detentions
The number of suspects detained as part of an investment fraud investigation in Istanbul and Muğla rose to 201. The investigation alleges that citizens of foreign countries were targeted through forex and cryptocurrency investments, with operations carried out at 286 addresses linked to 44 call centers affiliated with 29 companies.
Action was taken against a total of 248 suspects in the investigation coordinated by the Istanbul Chief Public Prosecutor’s Office. The number of detainees, initially announced as 175 in the first phase of the operation, first rose to 191 and then reached 201 in the latest update.
Suspects allegedly lured victims with promises of high returns
At the center of the investigation is an international structure that allegedly promised people living in different countries high returns through forex and cryptocurrency investments.
The suspects allegedly reached people through investment advertisements, directed them to call centers and then persuaded them to deposit money by promising high returns. The money allegedly was not used in actual financial transactions but was instead transferred to bank accounts and cryptocurrency wallets controlled by the suspects.
The structure is believed to have operated through an institutional organizational model involving companies and commercial entities presented as call centers. The teams allegedly were divided into different units, including team leaders, quality control, office management, accounting and human resources.
Citizens of 20 countries among those detained
The operation also has an international dimension. Citizens of 20 countries were among the detained suspects, including nine Israeli nationals.
The investigation involves allegations of fraud through the use of information systems and bank or credit institutions as instruments, violating the Capital Markets Law, establishing and managing a criminal organization, membership in a criminal organization, and laundering assets acquired through crime.
The judicial process involving the suspects is continuing. Their detention and the investigation of the alleged offenses do not mean that the allegations have been conclusively established.
The investigation has expanded with the addition of new suspects following the first wave of operations and is continuing on multiple fronts over allegations that call centers, companies, bank accounts and cryptocurrency wallets were used together.
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