Turkish authorities have detained 175 of 239 suspects wanted in connection with an investigation into an international fraud network targeting foreign investors through forex and cryptocurrency schemes.

Türkiye’s Justice Minister Akın Gürlek announced the arrests, TRT Haber reports.

Gürlek said that investigators uncovered a network of companies operating under the guise of call centers and attracting foreign nationals with promises of high investment returns.

Investigators allege that victims were shown fabricated profits on investment platforms controlled by the suspects. When they attempted to withdraw their funds, they were asked to make additional payments, supposedly for account unblocking, taxes or other reasons.

Moreover, investigators said the money was then transferred to overseas bank accounts and cryptocurrency wallets.

Gürlek also said that people linked to Israel made up a majority of the owners and ultimate beneficiaries of the companies involved.

The coordinated operation began at 5 a.m. (GMT+3), with security forces conducting searches at 286 locations in Istanbul and Muğla.

The locations were linked to 42 call centers operated by 28 companies, according to the investigation.

By 10 a.m., police officers had detained 175 people, while the operation was still ongoing.

Investigators said that the structure operated across Europe, the Far East and Africa over a two-year period.

The network generated a turnover of around 13 billion Turkish lira during that time.