Mevlüt Onur VAROLTurkish authorities and Interpol have cracked down on an Israel-linked global forex scam network that has been targeting investors around the world, with the worth of their fraud estimated at around $266M.
Operations targeted more than 40 scam offices across Türkiye. During dawn raids, 201 high-level suspects were detained, and digital materials were seized from scam offices. Among those detained were 15 Israeli citizens holding key management roles within the network.
Authorities launched simultaneous operations against 28 companies, 42 call centres, and 248 suspects at 286 addresses in Istanbul and Mugla, with Interpol units also participating.
Turkish Justice Minister Akin Gurlek announced on Friday a major operation targeting an Israeli-linked international fraud network.
Gurlek said the network operated under the guise of call centres and targeted foreign nationals with advertisements published on social media that promised high returns through forex and cryptocurrency investment.
According to details shared by Turkish officials, the scam network has been operating a massive global fraud empire for over a decade.
The network traced its roots directly to the early 2010s, an era famously dubbed "The Wolves of Tel Aviv" by The Times of Israel investigative journalist Simona Weinglass.
Her groundbreaking 2016 series exposed a multi-billion-dollar domestic binary options industry operating out of high-tech Israeli commercial centres.
Following massive international pressure, the Israeli Knesset formally banned the domestic binary options industry in October 2017.
However, experts noted that this ban did not dismantle the networks but forced them to export their fraud operations. Meanwhile, the network headquarters stayed in Tel Aviv.
The Organized Crime and Corruption Reporting Project (OCCRP) has previously exposed two cells of the network, revealing that it defrauded at least 32,000 individuals out of a total exceeding $275 million.
The network targeted innocent investors across Europe, Asia, and Africa, harvesting billions of dollars in savings.
According to the intelligence deciphered by Turkish officials, Israeli scam headquarters barred its network from targeting Israeli and United States citizens under explicit restrictions. Meanwhile, investors worldwide were open targets for scam agents.
Turkish officials shared more details with journalists about fraud network operations.
Recruitment process
Local fraud setups were established by designated regional operators in contact with Israeli networks, according to Turkish officials.
Front call centre companies were set up in commercial plazas under foreign names to obscure the network's true ownership.
Job advertisements were posted targeting speakers of diverse languages, including Japanese, Hindi, French, and Spanish.
Recruits were hired as "conversion agents" to bring in initial investments and "retention agents" to maximise victim losses.
Applicants completed a one-week training programme where they received assigned code names and fabricated backstories, such as Oxford graduate, to build trust with targets.
Before starting work, candidates were required to pass lie detector tests to rule out law enforcement connections, with periodic polygraph re-tests administered to staff.
Operational mechanics
Network offices operated under extreme secrecy protocols to maintain confidentiality, according to Turkish officials.
Personal cell phones were prohibited inside offices, and loud music was played continuously to mask background voices.
Employees were strictly forbidden from speaking Hebrew inside call centre premises.
External visitors, including cleaning staff, were barred from entering office spaces at all times.
Calls to victims utilised spoofed phone numbers matching the victim's local country code to prevent user identification.
Scammers directed victims to bogus platforms operating under paid financial licenses obtained from countries like South Africa.
When complaints accumulated against a platform, the network abandoned the brand and migrated victims to newly registered bogus platforms.
To deceive investors, interfaces displayed fictitious market gains and permitted minor initial withdrawals to build trust.
Once deposits reached optimal levels, withdrawals were blocked, balances were manipulated into negative figures, and victims were threatened with legal action unless additional funds were paid.
In reality, no actual financial trading took place, as all market transactions and balances were entirely simulated scenarios.
How is Israel involved?
Turkish officials shared with journalists that the network originated in Israel and Greek-administered southern Cyprus during the early 2000s.
A 2017 Israeli law banned domestic scam operations, pushing these illegal activities offshore to countries including Greek-administered southern Cyprus, Georgia, Ukraine, Belarus, Bulgaria, Azerbaijan, Greece, and eventually Türkiye.
Billions of dollars in fraud proceeds were routed back to Israel through cryptocurrency exchanges and cold wallets, Turkish officials said.
Turkish officials also noted that Israeli intelligence services and affiliated mafia groups leveraged the global infrastructure for operational and logistical needs.
