Turkey Detains 201 Suspects in Virtual Asset and Forex Fraud Case

Turkish authorities have detained 201 suspects in connection with an international fraud ring that allegedly deceived foreign investors using fake virtual asset and forex trading platforms. The organization's transactions over a two-year period totaled approximately $266 million (about 36.9 billion KRW).

Justice Minister Akın Gürlek confirmed that the group promoted high-return forex and virtual asset investment products through social media and online ads. Authorities conducted raids across 286 locations in Istanbul and Malatya, targeting 239 individuals linked to the operation.

The suspects are accused of displaying fake profit rates on investment platforms to encourage additional deposits, then demanding extra fees under the guise of account deactivation or taxes when victims attempted withdrawals. The number of detained individuals rose from an initial 175 to 201.