The anti-cybercrime unit of the Istanbul police in Turkey has carried out a large-scale simultaneous operation against 153 suspects suspected of forex investment fraud at 88 addresses and detained 132 people.

As a result of simultaneous technical and physical tracking in 17 other provinces, the investigation team found that the suspects profited about 10 billion Turkish lira ($520 million).

Special operations teams and a police helicopter also provided air support for the operation.

According to local media reports, this is the largest cyber operation in the country in recent years, in which the suspects set up illegal companies not registered with the Capital Market Commission (SPK), defrauded citizens under the pretext of investment, and then seized funds on the grounds that the investment went bankrupt.

The identity of the leader of the online group is unknown, local media said, adding that the suspects sent fraudulent funds to England and Montenegro through a system called Virtual Post Office and tried to lose track of the money illegally.

The operation revealed that more than 160 separate shell companies had also been set up to eliminate the trail of fraudulent funds.

Experts from the Financial Crimes Investigation Commission (MASAK), after an investigation, found that only one company used its card swipe devices to withdraw 4 billion lira. As a result, the team estimated that the cyberattack actually exceeded hundreds of billions of lira.

Local media said the gang not only defrauded investors, but also helped those who cheated the market move money out of the country by organizing a fake sales system for Turkiye's new electric car, TOGG. In addition, most of Turkiye's illegal bets and other black money are processed on this system.

The proceedings of the detainees continued at the police station.