Turkey Probes Major Fraud Scheme Linked to Limassol Firm
A major investment fraud investigation in Turkey has implicated a company registered in Limassol, Cyprus, according to reports from TRT World. The inquiry, launched on September 18, targeted 42 call centers connected to 28 separate companies, resulting in raids at 286 addresses across Istanbul and Muğla. Authorities detained 175 of 239 wanted individuals, focusing on schemes involving online investment scams in forex and cryptocurrencies.
Turkish Authorities’ Investigation
The Turkish Ministry of Justice reported that victims were lured through online advertisements promising non-existent profits in forex and cryptocurrency investments. When attempting withdrawals, individuals were coerced into making additional payments under the pretext of taxes or account unfreezing. According to Turkish authorities, the transactions examined by authorities reached approximately 13 billion Turkish liras over two years, including office expenses and salaries, though this figure does not represent confirmed victim losses.
Complaints originated from international citizens approached via these fraudulent schemes. Daily Sabah cited links to Webmove Holdings Limited, a Limassol-based company, reporting that payments from alleged victims passed through European accounts, including accounts connected to Webmove, before being converted into cryptocurrencies. However, Daily Sabah does not provide banking records or specific transaction data allowing independent verification.
Webmove Holdings Limited and Amit Yigal
Webmove Holdings Limited, registered under number HE 457652, lists Amit Yigal as its director. CyprusRegistry confirms Yigal’s appointment on March 15, 2024, with an address in Limassol’s Agios Athanasios area. TRT World describes Yigal as an Israeli national who also holds a Portuguese passport and reports that he appeared as a training manager at an Istanbul company. The Turkish Ministry of Justice’s official statement does not name him or reference Webmove directly.
The company’s involvement in the alleged fraud has not been substantiated by publicly available evidence. While foreign media connect Yigal and Webmove to the case, INK notes that corporate records alone do not prove criminal activity. Claims about fund transfers through Cyprus-linked accounts remain unconfirmed, with no banking records or transaction details released by Turkish authorities.
INK emphasizes that public reports linking the Limassol company to the investigation are based on unverified information, and that the presumption of innocence applies until court rulings. Furthermore, the corporate relationship documented in Cyprus does not constitute evidence of wrongdoing by Yigal or Webmove.
