Turkish authoritieshave detained 175 people in an investigation into an international fraudnetwork accused of targeting foreign investors through fake forex andcryptocurrency investment schemes.London's trading industry is coming home!Justice Minister AkinGurlek said coordinated raids were carried out across Istanbul and Mugla aspart of an investigation into companies that allegedly operated call centresand promoted investment opportunities through social media and online advertisements.The operation targeted 239 suspects across 286 addresses, including 42 callcentres linked to 28 companies, according to the authorities.Gurlek saidindividuals linked to Israel were predominant in the ownership and ultimatebeneficiary structures of the companies involved. The statement describes thefindings of the Turkish investigation and does not by itself establishinvolvement by the Israeli government or state institutions.The investigationcomes as Türkiye's relations with Israel have remained strained since the Gazawar began. Türkiye halted direct trade with Israel in 2024, while politicalrelations have continued to deteriorate.Fake Profits Used to Attract InvestorsThe investigationcovers four cases opened by the Istanbul Chief Public Prosecutor’s Officeduring 2026. Authorities said the companies targeted foreign nationals withpromises of high returns from forex and cryptocurrency investments throughadvertisements published online.Investigators said thealleged network used multilingual customer representatives to attract victims.Suspects allegedly operated investment platforms showing fabricated profits,encouraging users to deposit additional funds.When investorsattempted to withdraw their money, they were allegedly asked to make furtherpayments for reasons including account restrictions and taxes. Gurlek said thefunds were then transferred to overseas bank accounts and cryptocurrencywallets.İSRAİL BAĞLANTILI ULUSLARARASI DOLANDIRICILIK ŞEBEKESİNE BÜYÜK DARBE VURDUK!Cumhurbaşkanımız Sayın @RTErdogan'ın liderliğinde, teknolojiyi ve finans sistemini suçun aracı hâline getiren ulusal ve uluslararası suç yapılanmalarıyla mücadelemizi kararlılıkla sürdürüyoruz. Suçtan…— Akın Gürlek (@abakingurlek) September 18, 2026Turkey Continues Search for RemainingSuspectsAuthorities saidanalysis by Türkiye’s Financial Crimes Investigation Board, intelligence fromthe National Intelligence Organization, police findings and hundreds ofcomplaints obtained through Interpol helped investigators trace the companies'ownership structures.The alleged networkmainly targeted victims in Europe, the Far East and Africa. Authoritiesestimate that about TRY 13 billion ($266.4 million) moved through the networkover two years. Gurlek said the figure represented transactions believed to berelated to office expenses and salary payments.The operation remainsongoing, with authorities continuing to search for the remaining suspects andexamine the financial flows connected to the alleged scheme. At the time ofGurlek's announcement, 175 of the 239 suspects had been detained.This article was written by Tareq Sikder at www.financemagnates.com.