Turkish Probe Links Cypriot Firms to Israeli Fraud
A comprehensive Turkish investigation has uncovered an international investment fraud network concentrated between Istanbul and Limassol in southern Cyprus. The fraudulent activities involved companies registered with the Republic of Cyprus' authorities to carry out their schemes. The investigation revealed that an Israeli citizen detained in connection with the case was closely linked to a company registered in Limassol. Financial transactions exceeding 13 billion Turkish Liras (approximately $266 million) were uncovered over two years, with direct connections between Israeli individuals and companies and the region's technical infrastructure. The network was involved in targeting victims through call centers operated by 28 companies and 42 centers, using fake investment schemes in the currency and cryptocurrency markets. Funds were transferred via European accounts and ultimately converted into cryptocurrencies or moved to Portugal. The investigation also indicated expanding relations between Israel and the South Cyprus administration in areas such as security, defense, and economic cooperation. Notably, Israeli property purchases on the island have increased significantly. Major Israeli figures, including Yuval Dail, were linked to the network's operations, which utilized advanced technological methods to conceal their criminal activities.
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