Israeli Accused of Masterminding Forex, Crypto Scam Ring

According to reports in Turkish media, Israeli Yigal Amit is considered one of the key figures in an international forex and cryptocurrency fraud network in which 201 suspects were arrested in Turkey, including at least nine Israeli citizens.

According to reports published in Turkey, Israeli Yigal Amit is considered one of the key figures in the network, and some publications claimed he was among its senior managers. Turkish newspaper Sabah reported that Amit, who also holds Portuguese citizenship, allegedly operated more than 40 telemarketing centers in Istanbul through Webmove Holdings Limited, a company based in Limassol, Cyprus. Some allegations against him were published in Turkish media and have not been confirmed by court ruling to date.

According to Turkish authorities, the network operated centers where representatives speaking different languages convinced victims in various countries to invest in forex and digital currencies, while presenting fictitious profits on platforms controlled by the suspects. When victims attempted to withdraw their money, they were required to pay additional sums under headings such as taxes or account release.

The case was exposed last week when Turkish authorities raided dozens of call centers and financial offices in Istanbul and Ankara. The Turkish Justice Ministry initially announced the arrest of 175 suspects out of 239 against whom arrest warrants were issued, and the number of arrested suspects later rose to 201, and according to Anadolu Agency at least nine of them hold Israeli citizenship. According to authorities, assets worth approximately 1.5 billion Turkish lira were seized, and bank accounts and cryptocurrency wallets were blocked.

In Israel, it was reported that the investigation also focuses on Limassol, Cyprus, where companies controlled by Israelis operate, and according to the report, authorities in Europe have begun investigations following complaints about pensioners' funds transferred to Cypriot companies owned by Israelis. The Israeli Foreign Ministry stated that it is aware of the arrest of some Israeli citizens in Turkey, and that it is working to ensure their rights are preserved.