$4B cryptocurrency scammer caught in Istanbul

Andreas Szakacs, a Swedish citizen who later changed his name to Emre Avci, has been apprehended in Istanbul for his alleged role in OmegaPro, a cryptocurrency scam that scammed investors of $4 billion.

The scam was reportedly structured as a Ponzi scheme, where funds from new investors were used to pay returns to earlier investors, creating an illusion of profitability. Soykan noted that OmegaPro’s capital was allegedly linked to the OneCoin fraud, another major cryptocurrency scam that defrauded investors of $4 billion in 2017. OmegaPro ceased all withdrawals in November 2022 and shut down entirely by July 2023. Many investors realized they had been defrauded only after the company’s collapse.

Anonymous report cracks case on crypto scam

The investigation leading to Szakacs’s arrest began with a tip-off on June 28, when an anonymous informant reported to the Istanbul Provincial Gendarmerie Command that Avcı was residing at a location in Acarkent, Istanbul, under the guise of OmegaPro.

This tip was corroborated by Dr. Abdul Ghaffar Mohaghegh, a Dutch national who provided critical testimony. Mohaghegh arrived in Istanbul on July 8, 10 days after the initial tip, claiming to represent 3,000 investors who had collectively lost $103 million. He stated that he had invested $7 million in OmegaPro and had been given power of attorney by the affected investors.

In addition to the foreign testimonies, the gendarmerie identified 16 Turkish complainants through online complaint sites. These individuals had used the “Omega Invest” app, believed to be a subsidiary of OmegaPro, and reported similar fraudulent experiences. They described initial small investments that yielded quick returns, followed by demands for further investments. Ultimately, their accounts were depleted when they attempted to withdraw their funds.

Crypto scam mastermind arrested by gendarmerie

On July 9, gendarmerie teams conducted raids at two villas in Beykoz, Istanbul, leading to the arrest of Szakacs. However, his alleged associate, Stefan Andreas, who had rented one of the villas under a different name, was not found and remains at large.