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A criminal network using artificial intelligence to operate a fake investment scheme has been dismantled. In an operation coordinated from Istanbul, Türkiye and carried out across 28 provinces, 72 suspects were detained.
Authorities found that the group had transferred approximately $500 million in illicit profits to a cryptocurrency exchange based in Cambodia through 41 shell companies.
The cyber crimes division of the Istanbul Police Department launched an operation targeting an organized criminal group accused of spreading fake investment advertisements on social media platforms to defraud the public.
It was determined that the network lured victims with promises of high returns through fake AI-supported investment platforms.
The suspects used psychological and digital manipulation to gain their victims' trust and operated call center-style environments. To hide their identities, they communicated using open phone lines and VoIP systems.
According to allegations, members of the network convinced victims to make initial investments with small amounts, promising quick and large returns. The victims were then persuaded to transfer more money.
In only 21 cases, the group is believed to have defrauded individuals of around ₺65 million, equivalent to about $1.67 million.
Further financial analysis revealed that the suspects used 41 front companies to channel nearly $500 million in criminal proceeds into a Cambodia-based cryptocurrency platform. The aim was to make the money trail untraceable.
After identifying the suspects’ home and business addresses, police conducted simultaneous raids in 28 provinces. A total of 72 suspects were detained. During the searches, the following items were seized:
The suspects were taken to the Istanbul Police Department’s headquarters on Vatan Avenue in the Fatih district for questioning. Statements are being taken at the Cyber Crimes Division, and the investigation is ongoing.
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