Illegal Forex Investment scheme uncovered in Türkiye

Gendarmerie teams initiated an investigation into the so-called investment company "İdol Forex" following a tip-off.

After approximately 6 months of investigation, simultaneous operations were conducted against the network.

Two suspects were detained, and two suspects were released under judicial control.

During the operations carried out at 4 different addresses, a considerable amount of evidence and documents related to the company's bank/credit card accounts, numerous mobile phones, computers, and a significant sum of money suspected to be obtained through illegal means were seized.

The network, which advertised on social media platforms under the name "İdol Forex," promised high profits to individuals who contacted them.

Initially, those who deposited a small amount of money were told they would make a significant profit in a short time, and individuals who expected higher returns ended up sending more money, falling into the network's trap.

When the investor's money reached the desired level, they were informed of substantial losses in the investment channels, and victims were defrauded.

It was determined that the network used the money obtained from fraud to buy gold, and the purchased gold was converted into cash through 10 front companies established by the network in an attempt to cover their tracks.

The Istanbul Provincial Gendarmerie Command Cybercrime Units found that the company "İdol Forex" was not registered with the Capital Markets Board during their investigations. Additionally, it was determined that the total transaction amount for these companies was 5 billion Turkish lira.

Following the apprehension of network members, an investigation conducted by the Istanbul Anatolian Public Prosecutor's Office revealed that a victim's loss of 261,000 Turkish lira was compensated.