International investment fraud ring linked to Limassol involves over €200 million in two years
Turkish authorities have uncovered a large-scale international investment fraud scheme involving over €200 million in illegal transactions over two years. The investigation, announced on September 18, targets 28 companies and 42 call centers used to deceive victims with fake investments in forex and cryptocurrencies. Central to the case is an Israeli citizen arrested in Turkey, who is also connected to a company registered in Limassol.
The operation led to 175 arrests out of 239 suspects in raids across Istanbul and Mugla, with Interpol monitoring the case. The fraud network allegedly used multilingual personnel to lure victims worldwide through online ads and manipulated platforms showing fictitious profits. Victims were pressured for additional payments under false pretenses to unlock their funds.
The investigation revealed money transfers exceeding €300,000 linked to criminal accounts, some connected to the Limassol-registered company, with funds moved through European banks and converted to cryptocurrencies before being sent to Portugal. Turkish authorities continue probing the corporate connections, while no information has been released about involvement by Cypriot officials.
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