The case of fraudulent crypto establishments defrauding people of their hard-earned money is now becoming more alarming. Reports from Istanbul news agencies revealed that the local police have exposed some crypto scammers. However, the rise in scam rate may cause people to start withdrawing from crypto investments if left uncurbed.
Istanbul Police Uncovers Crypto Scammers
The reports claimed that the Istanbul police raided a Chinese gang running a clandestine crypto scam and kidnapping scheme. During the raid, the police rescued more than a hundred people that had been abducted by the gang and forced to work against their will.
In a bid to defraud people, the gang purportedly operated under the name “Crypto Money Consultancy.” It also conducted several online advertisements promising investors a 100% return on their investments. The gang carried out their illicit activities from a set of rented villas in Silivri, Turkey.
101 People Freed From Their Den
During the raid, the Istanbul police freed 101 people which included 95 Chinese, two Turkmen and four Kazakhs. The fraudsters had promised to secure legitimate work for them in Turkey. However, as opposed to their claims, the gang stripped them of their visas, passports and forced them to participate in their illegal operations.
Although the kidnapped workers were held against their will, they were allegedly paid CNY7,000 every month. However, they were not allowed to step out of the building from which they operated. The gang’s illicit operations were uncovered when two of the kidnapped men snuck out of the building at night to alert the police.
In response to the notification, the Public Security Breach dispatched thirty teams of policemen to raid the gang’s base. Items recovered from the gang include cell phones, sim cards, 1.5M Turkish lira, hard drives and many other items. After the raid, the abducted workers were sent to their respective immigration for further actions.