Israeli-linked call centres in Turkey lured Indians into a $266 million investment scam

An Israeli-linked network of call centres operating in Turkey allegedly targeted Indian investors with fraudulent forex and cryptocurrency schemes, luring them with an initial investment of just $ 250 before exploiting their trust until their savings were exhausted, according to two former employees who have revealed the inner workings of the operation.

The former employees, identified as Mike and Neha, told Siasat.com that the call centres used deceptive trading platforms, fabricated profits and persistent sales tactics to persuade Indian customers to invest increasingly large sums. Their accounts have emerged following a major crackdown by Turkish authorities on an international fraud network with alleged Israeli connections.

On September 18, Turkish Justice Minister Akın Gürlek announced raids at 286 addresses across Istanbul and Muğla, targeting 42 call centres operated by 28 companies. The operation involved police, the National Intelligence Organisation and Interpol, while officials estimated that approximately 13 billion Turkish lira, equivalent to $266 million, had moved through the network over two years.

Although Turkish officials said the operations primarily targeted victims in Europe, the Far East and Africa, both former employees said India was the largest market in which they had worked.

Mike, a Pakistani national who moved to Istanbul in 2020 to study computer science, said the companies often presented themselves as marketing or information technology consultancies, recruiting international students through social media advertisements offering attractive salaries and requiring little experience.

Once recruited, agents were assigned assumed names that sounded familiar to Indian customers and were trained to build trust through conversations designed to make callers believe they were speaking to representatives based in India.

Neha, who joined a Hindi-speaking team after moving to Istanbul to study political science and international relations, said she was taught familiar Hindi expressions, including reassurances that customers had nothing to worry about. If questioned about her location, she was instructed to name Indian cities such as Bengaluru or Pune.

The fraud began with a $250 deposit, which customers were assured would be their only investment. They were subsequently shown apparent profits and encouraged to deposit larger amounts, while teams assessed their financial circumstances to determine how much more could be extracted.

Mike said that, in some cases, the companies transferred purported profits into customers’ bank accounts to strengthen their confidence before pressing them to invest thousands of dollars more. When victims attempted to withdraw their money, agents tried to dissuade them; those who persisted could see their trades apparently collapse on screen.

Neha said she left the job within weeks after witnessing the distress of a victim who had sold his wife’s jewellery to invest.

Mike alleged that individuals in Israel handled financial transactions, although Siasat.com could not independently verify his claim. Turkish prosecutors have alleged that the network’s organisers deliberately established operations outside the countries they targeted and instructed employees not to defraud Israeli or American citizens.