‘Invest $10M, get $100M’ scheme: Massive fraud scandal unraveled in Istanbul
Billionaires' wealth increased by $4 trillion during the Covid-19 pandemic, Ankara, April 3, 2021 (AA Photo)
Turkish authorities nabbed a fraudulent group that promised a return of “$100 million for every $10 million invested” in a scheme between 2011 and 2020.
The scheme deceived billions of individuals, including numerous high-profile figures from the Justice and Development Party (AK Party).
The group falsely claimed that Indonesia’s first President, Ahmed Sukarno, had smuggled gold to Switzerland after escaping house arrest and that a $300 billion fund would soon be available to Türkiye in exchange for this gold.
Victims, including businessmen, bureaucrats, politicians and expatriates from various cities, were lured with fake documents and receipts and promised substantial returns.
Eight individuals were charged in the case.
The group was accused of defrauding thousands with fake invoices and promissory notes and faced trial in the Bursa 9th High Criminal Court.
During the trial, it was revealed that a relative of a former AK Party MP was also a victim.
After intervention by the former MP, some gang members were initially imprisoned but later released after seven months.
