An investigation has been initiated after several individuals reported being defrauded of millions of Turkish lira through a fraudulent scheme that promised high returns on stock investments via social media platforms. The suspects, using sophisticated tactics to gain the trust of their victims, allegedly reached out through WhatsApp groups and fake investment applications, all while pretending to offer genuine financial advice.
The scam started when the suspects contacted victims via social media, offering advice on high-profit stocks and promising substantial financial gains. The fraudsters, posing as trustworthy investment advisors, suggested that individuals could easily profit by following their recommendations. These criminals used fake identities and fabricated corporate names, including the illusion of legitimate banks and financial institutions, to establish credibility.
Once trust was gained, the suspects directed their victims to a specific mobile application. They convinced victims to download this app, claiming that it would allow them to conduct stock trades through a proprietary software system. Upon downloading, the victims were asked to pay a TL 10,000 entry fee, which marked the beginning of a much larger scam.
The fraudsters exploited their victims by demanding more money for higher returns. Burcu H., one of the victims, shared her experience with authorities. After initially joining the scheme to recover earlier payments, she was told she needed to pay additional taxes of TL 130,522.94 to withdraw her funds. When her payment was slightly short, they refused it and asked for the full amount again. After sending the complete payment, she was told her funds had gone to the wrong account and that she needed to transfer TL 200,000 more. It was only when the payment failed due to an incorrect recipient name that Burcu realized she had been scammed.
Lawyer Başbuğ Kürşad Safi suggested that the fraud group may have international links and used advanced technology, including artificial intelligence, to orchestrate the scam. The fraudsters created a fake "investment advisor" named Arif Elkin, who was later revealed to be a fabricated AI-generated identity.
The scam involved victims being added to WhatsApp groups, where they were further convinced to download the fraudulent app. The app showed them fake stock trading activity, giving the illusion of growing investments. Victims were told that their accounts were increasing in value, but in reality, no transactions were taking place. As soon as victims attempted to withdraw their funds, they were given various excuses, such as needing to pay more money or taxes before accessing their investments.
The scale of the scam has been staggering. Safi revealed that the fraud, which was initially carried out through a WhatsApp group created in October, reached a peak when the group was shut down on Dec. 6. The total number of victims now exceeds 200, with losses ranging from TL 500,000 ($14,307) to TL 6 million per person.
The victims, from various provinces across Türkiye, have been filing complaints with public prosecutors in their cities. The authorities have launched an investigation, which is expected to expand as more individuals come forward with their stories.
This case highlights the growing issue of online investment fraud, especially on social media. Lawyer Rıdvan Yıldız warned, "Investing through unlicensed individuals or platforms increases the risk of fraud." He explained that fraudsters use fake references and promises of high returns to gain trust. Yıldız emphasized that legitimate investment advice should come from licensed institutions, as dealing with unauthorized advisors can lead to both financial loss and legal issues, especially if linked to illegal activities.
Experts urge investors to increase their financial knowledge through research or education to avoid fraud. Yıldız emphasized that high returns in markets like stocks or cryptocurrency are rare and risky, and anyone promising quick profits is likely dishonest. He also advised avoiding unauthorized investment advisors or platforms, especially on social media, as they often manipulate victims with false promises of large profits.
