Close Menu
Invest Intellect
    Facebook X (Twitter) Instagram
    Invest Intellect
    Facebook X (Twitter) Instagram Pinterest
    • Home
    • Commodities
    • Cryptocurrency
    • Fintech
    • Investments
    • Precious Metal
    • Property
    • Stock Market
    Invest Intellect
    Home»Cryptocurrency»Turkish Authorities Arrest Man in $4 Billion Cryptocurrency Scam ⋆ ZyCrypto
    Cryptocurrency

    Turkish Authorities Arrest Man in $4 Billion Cryptocurrency Scam ⋆ ZyCrypto

    August 24, 20242 Mins Read


    Three Arrows Co-Founder Su Zhu Arrested In Singapore; Gets 4-Month Jail Sentence

    Advertisement

    &nbsp

    &nbsp

    Turkish authorities have arrested Andreas Szakacs, a Swedish national implicated in orchestrating the OmegaPro cryptocurrency scam. The operation, estimated to have defrauded investors of approximately $4 billion, has drawn widespread attention for its scale and complexity.

    OmegaPro, a platform that operated under the guise of a legitimate investment opportunity, was structured similarly to a Ponzi scheme. In this model, funds from new investors were used to pay returns to earlier participants, creating a deceptive illusion of profitability. This strategy ensured the scheme’s sustainability for a time, even as it concealed its fraudulent nature.

    According to an August 21 report by Turkiye Today, Szakacs, who had assumed the alias Emre Avci upon relocating to Turkey, was apprehended following a tip-off from an anonymous informant. The informant’s information led authorities to a villa in Istanbul, where Szakacs was arrested on July 9. Abdul Ghaffar Mohageh, a Dutch national representing around 3,000 victims who collectively lost $103 million in the scam, further validated the arrest. Mohageh himself had invested $7 million.

    OmegaPro closed after it ceased fund withdrawals in November 2022 and eventually shut down entirely by July 2023. The scheme’s collapse left many investors unable to access their money, leading to widespread financial losses and distress among its clientele.

    In addition to Szakacs’s arrest, the Turkish Gendarmerie noted that 16 local users of the OmegaPro app had been identified. These individuals reported that initial investments appeared to generate quick returns, leading to increased deposits. However, when investors attempted to withdraw their funds, their accounts were emptied, exposing the fraudulent nature of the operation.

    AdvertisementFollow ZyCrypto On Google News

    &nbsp

    Notably, the OmegaPro scam shares striking similarities with OneCoin, another major cryptocurrency fraud involving losses estimated at $4 billion. Both schemes utilized deceptive practices to attract and maintain investor confidence while systematically siphoning funds. In June 2024, the U.S. State Department increased the reward for information leading to the capture of OneCoin’s founder, Ruja Ignatova, who has been in hiding since 2017, to $5 million.

    In September 2023, Carl Sebastian Greenwood, a key figure in the OneCoin scheme, was sentenced to 20 years and fined $300 million. Earlier this year, Irina Dilkinska, the former head of legal and compliance at OneCoin, was sentenced to four years in prison and fined $111 million by a U.S. court.




    Ads by Cointraffic



    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    One in four savers would consider buying cryptocurrencies as part of their retirement planning

    Cryptocurrency

    Cryptocurrency Live News & Updates : Shiba Inu Price Faces Potential Volatility Ahead

    Cryptocurrency

    What’s the best Crypto to buy in August? This new Cryptocurrency could deliver 5x ROI bypassing ETH 2x

    Cryptocurrency

    Which Cryptocurrency Is More Likely to Be a Millionaire Maker? Dogecoin vs. Solana

    Cryptocurrency

    Is a Cryptocurrency Market Crash on the Horizon?

    Cryptocurrency

    Pakistan at risk of FATF grey list return over digital transactions, warns Pak Finance Minister Aurangzeb – World News

    Cryptocurrency
    Leave A Reply Cancel Reply

    Top Picks
    Property

    Les actions SBB bondissent de 22% après un accord avec Aker

    Stock Market

    Ally Financial declares dividend on common stock and Series B and Series C preferred stock

    Commodities

    Éolien : Eiffage acquiert le néerlandais HSM Offshore Energy

    Editors Picks

    Trump Announces Trade Agreement With Britain — Commodities Roundup

    May 8, 2025

    Sweeping U.S. tariffs could be 3% hit to Canadian economy, even with carve-outs, CIBC report says

    January 21, 2025

    No Shooting At Valley View Mall, Noise From Metal Signs Causes Panic

    August 11, 2024

    China Set to Launch Global Hub for Digital Yuan

    June 19, 2025
    What's Hot

    Granite Real Estate Investment Trust (TSE:GRT) Declares $0.28 Monthly Dividend

    July 19, 2024

    Cryptocurrency scam sends former bank CEO to prison for detonating a bank

    August 24, 2024

    This High-Yield Dividend Stock Is Staging a Comeback. Should You Buy Shares Now?

    August 4, 2025
    Our Picks

    émission obligataire liée au développement durable

    May 21, 2025

    Silver Medal update | The Open

    July 21, 2024

    How AI Can Help Boost Financial Literacy For Fintech Users

    August 14, 2025
    Weekly Top

    ThingX Technology Launches Nuna Pendant This 2025Q3: The World’s First AI Emotion-Tracking Pendant

    August 24, 2025

    Tyson Fury sells £800k seaside home for knockdown price after boxing star’s retirement

    August 24, 2025

    ‘Could fundamentally change how we power our world’

    August 24, 2025
    Editor's Pick

    E-com a key driver of industrial real estate in near & long term in US

    October 13, 2024

    Can Tulane shed its fossil fuel investments? 

    October 11, 2024

    ‘Don’t know’ about US imports from Russia, says Trump

    August 5, 2025
    © 2025 Invest Intellect
    • Contact us
    • Privacy Policy
    • Terms and Conditions

    Type above and press Enter to search. Press Esc to cancel.