Türkiye Dismantles AI-Powered Criminal Network Behind $500M Investment Scam
In a sweeping cybercrime operation coordinated from Istanbul, Türkiye, authorities have dismantled a criminal network accused of using artificial intelligence to operate a fake investment scheme. The operation, carried out in 28 provinces, resulted in the detention of 72 suspects linked to a sophisticated fraud network.
According to the Istanbul Police Department’s Cyber Crimes Division, the group ran deceptive AI-driven platforms and spread fake investment ads on social media to lure victims with promises of rapid, high returns. These platforms were built to simulate legitimacy and trick people into investing money.
Victims Manipulated Through AI and Psychological Tactics
The suspects created call center-style environments where they manipulated victims psychologically and digitally. Using VoIP systems and open phone lines, they masked their identities while building trust with unsuspecting investors.
Initially, victims were encouraged to invest small amounts. Once minor gains were shown, they were persuaded to increase their stakes. In just 21 documented cases, the group stole ₺65 million, approximately $1.67 million. Authorities believe the actual number could be much higher.
Beyond personal fraud, the investigation uncovered large-scale money laundering. The network funneled $500 million in illicit profits through 41 shell companies into a Cambodia-based cryptocurrency exchange. The intent was clear: erase the money trail and make tracing difficult.
Also read: Google Uses Gemini Nano AI to Boost Scam Protection
Massive Operation Recovers Cash, Gold, and Weapons
Following weeks of surveillance, Turkish police executed simultaneous raids at the suspects’ residences and business locations. Items seized included:
- $21,100 in U.S. dollars
- ₺138,000 in Turkish lira
- Two unlicensed firearms and 86 bullets
- A cache of gold jewelry including coins, bracelets, and necklaces
The suspects are currently being interrogated at the Cyber Crimes Division on Vatan Avenue in Istanbul. Authorities confirmed the investigation is ongoing, with more arrests possible.
This case underscores the growing threat of AI misuse in cybercrime and highlights the urgent need for global cooperation in monitoring digital financial crimes.
