Türkiye Cracks Down on $500 Million AI-Powered Investment Scam

A major cybercrime network using artificial intelligence (AI) to run a fake investment scheme has been busted in a massive police operation across Türkiye.

The operation, led by the Istanbul Police Department's Cyber Crimes Division, targeted a criminal group accused of tricking people with false investment ads on social media. These scams promised high profits through fake AI-powered platforms.

72 Suspects Detained in Nationwide Raids

In coordinated raids across 28 provinces, Turkish authorities detained 72 suspects. Police searched homes and businesses linked to the network, seizing large amounts of cash, gold jewelry, and unlicensed weapons.

Items recovered include:

• $21,100 in cash

• ₺138,000 in Turkish lira (about $3,550)

• Two unlicensed guns and 86 bullets

• Various gold items, including coins, bracelets, necklaces, and rings

How the Scam Worked

The group allegedly used psychological tactics and digital tools to gain victims’ trust. They operated from call center-style setups, using regular phone lines and VoIP systems to hide their identities.

Victims were first convinced to invest small amounts with the promise of fast, high returns. Once they received fake profits, they were persuaded to invest larger sums. In just 21 known cases, the group reportedly stole around ₺65 million (approx. $1.67 million).

Crypto Laundering Through Cambodia

Investigators found that the criminals transferred nearly $500 million in illegal funds to a cryptocurrency exchange in Cambodia. The money was moved through 41 fake companies, making the transactions difficult to trace.

Ongoing Investigation

The suspects are now being questioned at the Cyber Crimes Division in Istanbul. Authorities say the investigation is ongoing and more details may be released soon.