Turkey Detains 175 in Alleged $266m Forex and Crypto Fraud Network
Turkish authorities detained 175 people in an investigation into an alleged international network accused of using fake forex and cryptocurrency schemes to target foreign investors.
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Turkish authorities have detained 175 people in an investigation into an alleged international fraud network involving fake foreign exchange and cryptocurrency investment schemes, according to Finance Magnates. The network was described in the headline as involving $266 million.
Justice Minister Akin Gurlek said coordinated raids took place across Istanbul and Mugla. The investigation focuses on companies that allegedly operated call centres and promoted investment opportunities through social media and online advertisements.
Authorities accuse the network of targeting foreign investors. The available report does not provide further details about the identities of those detained, the companies under investigation, or the alleged investment products promoted through the schemes. It also does not state whether charges have been filed or provide information about any court proceedings.
Finance Magnates reported the detentions and the ongoing investigation.
_Source: reporting by Finance Magnates. BrokerBazaar summarises published industry news and does not add findings of its own._
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