Turkey busts Israel-linked 'scam empire' behind alleged $266m fraud - Middle East Eye

Turkish security forces busted an Israel-linked fraudulent trading network that allegedly defrauded people in Europe, the Far East and Africa of at least $266m over the past two years, Turkish Justice Minister Akin Gurlek said on Friday.

Gurlek said in a statement that the forex fraud investigation targeted 42 call centres operated by 28 companies and involving 239 suspects.

"An organised fraud network targeting multiple countries was uncovered after we determined that individuals with links to Israel were the principal owners and ultimate beneficiaries of the companies in question," he said.

Dawn raids were conducted at 236 addresses in Istanbul and Mugla in coordination with Turkey's National Intelligence Organization (MIT) and Interpol.

Turkish officials said the police operation was linked to the international criminal network known as "Scam Empire", which has operated across several countries over the past decade.

The network was recently exposed by the Organized Crime and Corruption Reporting Project (OCCRP), which revealed how groups operating from Israel and Europe had defrauded hundreds of victims through telephone investment scams.

Individual losses ranged from $10,000 to hundreds of thousands of dollars.

"The network reportedly recruited victims through customer service representatives who spoke various languages," he said.

"On investment platforms controlled by the suspects, victims were shown fabricated profits to encourage them to invest more money," he added.

Gurlek said the funds were subsequently transferred to overseas bank accounts and cryptocurrency wallets.

Turkish officials identified one of the alleged masterminds by the initials YA, describing him as an Israeli national who also holds a Portuguese passport.

Reuters reported in 2016 that NRGbinary, an Israeli trading company offering products based on movements in financial markets, stocks and commodities, had defrauded people in Europe of millions of dollars. Israel banned the company later that year.

In a separate investigation published in 2025, OCCRP examined two groups of similar call centres based in Israel, Eastern Europe and Georgia. Their employees allegedly persuaded at least 32,000 people worldwide to pay a combined total of at least $275m.

Turkish officials familiar with the investigation told journalists that, as documented in the OCCRP investigation, call-centre agents used false identities and forged documents.

The officials believe that, amid deepening tensions between Turkey and Israel, some Israel-based networks had sought to move their operations to Turkey to avoid detection.

According to the officials, the perpetrators typically establish a shell company - effectively a call centre - in the country from which the fraud is conducted. The company then recruits people who speak languages ranging from Japanese and Hindi to French and Spanish.

Employees are hired under titles such as "conversion agent" and "retention agent".

"Applicants undergo one week of training. During this period, each employee is given an alias and instructed to create a false personal background," one official said. "These fabricated stories include details designed to impress potential victims and gain their trust, such as claiming to be an Oxford graduate."

The official added that recruits were required to undergo polygraph tests before beginning work to determine whether they had links to law enforcement or security agencies.

"Speaking Hebrew inside the office is prohibited," the official said.

"Instead of using the company's actual name, callers present themselves as representatives of investment platforms whose names are frequently changed by the Israeli organisers.

"One of the strictest rules reportedly enforced within the network is that Israeli citizens must not be targeted," the official added.

The official also said Turkish investigators assessed that scam networks operating in different parts of the world created what they described as a mutually beneficial, or a "win-win", relationship between Israeli fraud bosses and the state of Israel.