A large-scale Turkish investigation has dismantled an international investment fraud syndicate, exposing a corporate trail that links suspects in Istanbul to entities based in the Greek-administered south of Cyprus. Authorities identified 28 companies and 42 call centers allegedly used to orchestrate scams involving cryptocurrency and forex trading.
The operation, which was announced on September 18, resulted in the detention of 175 suspects out of 239 targets during coordinated raids across more than 200 locations in Istanbul and Mugla. This extensive effort involved the Financial Crimes Investigation Board, the National Intelligence Organization, along with local police and prosecutors, who collectively gathered hundreds of complaints channeled through Interpol.
Justice Minister Akin Gurlek stated that forensic and intelligence analysis revealed a clear prevalence of Israeli-linked individuals among the ownership and ultimate-beneficiary structures of the investigated firms. Investigators estimate the network moved approximately 13 billion Turkish liras, or $266 million, through its schemes over a two-year period, targeting victims across Africa, Asia, and Europe.
Central to the probe is the role of Amit Ygal, an Israeli national who also holds a Portuguese passport. According to official findings, Ygal served as a “Training Manager” for the Istanbul-based company Facto Dis Ticaret ve Turizm Yatirimlari A.S., with records showing transactions exceeding 17 million Turkish liras through his associated accounts.
The investigation indicates that Ygal’s activities extended into the Greek-administered south of Cyprus, where he is listed as a director of Webmove Holdings Limited, a firm incorporated in Limassol in March 2024. Reports suggest investigators believe Ygal utilized this entity to facilitate the movement of illicit proceeds, which were often converted into cryptocurrency and sent to Portugal.
Further technical analysis linked Webmove’s corporate communications to infrastructure associated with Ultar Holdings Ltd, another Limassol-based firm. Corporate filings connect Israeli businessman Yuval Dael to Ultar Holdings as a director and secretary, as well as to HappyPay Holdings Ltd, which is currently in voluntary liquidation.
While these records map out complex professional and technical overlaps, they do not inherently prove criminal intent by Dael or his associated firms. These allegations remain a core subject of the ongoing Turkish judicial investigation.
The discovery of this corporate network coincides with a period of intensified cooperation between Israel and the Greek Cypriot administration. Recent agreements have strengthened ties in maritime security, defense, and military affairs. In December 2025, officials from both sides joined Greece in reaffirming their commitment to a trilateral security framework, including the launch of a Maritime Cybersecurity Center of Excellence.
Additionally, official land registry data from the Greek-administered south of the island shows significant Israeli interest in property. Between 2021 and late 2024, Israeli buyers acquired 3,909 properties, with a high concentration in coastal areas like Larnaca, Paphos, and Limassol. This makes Israel the fourth-largest source of foreign property investment in the available dataset.
The region has also become a focal point for Israeli military travel. In July 2025, activists filed a criminal complaint against an Israeli soldier visiting the island, accusing him of participating in war crimes during the conflict in Gaza.
For Turkish investigators, the primary objective remains determining how the specific components of this network—ranging from call centers in Istanbul to technical infrastructure and company registrations in the Greek-administered south of Cyprus—functioned as a cohesive criminal enterprise. The report also notes that according to Israeli media citing Turkish reporting, nine Israeli citizens were reported among those arrested. The report also notes that turkish financial investigators identified transactions exceeding 17 million Turkish liras ($350,000) through accounts associated with Ygal, according to information provided in the investigation. The report also notes that investigation team has found that Ygal’s corporate footprint extends beyond Türkiye. The report also notes that a private company incorporated in Limassol on March 15, 2024, the Greek Cypriot company records list Ygal as a director of Webmove Holdings Limited. The report also notes that with Greek part of divided Lefkosa city-based Kserve Fidelity Limited serving as its secretary, the company is listed as active. The report also notes that but do not, by themselves, establish that the company committed or facilitated criminal activity, corporate records independently establish Ygal’s directorship at Webmove. The report also notes that the Greek Cypriot and Israeli defence ministers discussed strengthening bilateral security and defence cooperation, while senior Greek, Israeli and Greek Cypriot military officials have held talks on closer operational cooperation, in December 2025.
