Turkey’s Massive Investment Scam Tied to Cyprus Company
A Limassol-registered company, Webmove Holdings Limited, has surfaced in connection with a major investment fraud investigation in Turkey, though its direct involvement remains unproven. The company’s director, Amit Yigal, is named in a TRT World report as one of the individuals linked to the case. Corporate records confirm his role as director, but no public evidence yet establishes the company’s participation in the alleged scheme.
Turkish Raids Target Call Centers and Suspects
On September 18, Turkish authorities launched a sweeping operation, conducting raids at 286 locations across Istanbul and Muğla. The Ministry of Justice confirmed that 42 call centers tied to 28 companies were under investigation. Of the 239 wanted suspects, 175 had been detained during the initial phase of the crackdown.
According to officials, the fraud scheme targeted foreign nationals through online advertisements promoting investments in forex and cryptocurrencies. Victims were directed to platforms showing non-existent profits. When attempting to withdraw funds, they were reportedly asked to pay additional fees under false pretenses such as taxes or account unfreezing charges.
Turkish Justice Minister Akın Gürlek stated that the transactions under review amounted to roughly 13 billion Turkish liras over a two-year period. He clarified that this figure includes expenses categorized as office costs and salaries, and does not represent confirmed losses by victims or funds verified to have moved through Cyprus.
Read Also: Indian freediver becomes first AIDA judge at global event
Links to Cyprus Remain Under Scrutiny
Webmove Holdings Limited is registered with the Cyprus Department of Registrar of Companies under number HE 457652. Data from CyprusRegistry shows Yigal as director, with the company incorporated on March 15, 2024, and listed at an address in Agios Athanasios, Limassol.
TRT World identifies Yigal as an Israeli national holding a Portuguese passport and notes his reported prior role as a training manager at an Istanbul-based firm. However, these details come from the media outlet and are absent from the official Turkish Ministry of Justice statement, which does not name him.
Daily Sabah reported that payments from alleged victims passed through European accounts, including accounts connected to Webmove, before being converted into cryptocurrency. Yet the outlet offered no banking records or transaction data to substantiate the claim. The official Turkish announcement makes no mention of Webmove or any financial trail extending to Cyprus.
