Turkish police launched an investigation into a scheme to invest in dogecoins. It allegedly deceived 350 million investors.
Turkish news channel TV100 reported that the Kucukcekmece chief public prosecutor, a suburb in Istanbul, is currently conducting a large scale investigation into a cryptocurrency fraud.
The scheme claimed to be a cryptocurrency network operating under the name of “Dogecoin Mining.” It promised users a 100 percent profit within 40 days.
Turgut V. was the alleged mastermind of the scam. He organized meetings at luxury venues and used attractive promotions to persuade investors to join his scheme. Turgut V. also used Telegram to direct investors to send their dogecoins into the system.
The system worked for three months, and investors received their promised returns on a regular basis. The number of investors has increased substantially as a result. Around 1,500 people have transferred their dogecoins into the scheme.
Turgut V. shut down the system in the fourth month. Turgut V. was unable to log in. Confused investors attempted to reach him or his associates via phone or in their offices, but to no avail.
Some investors realized that they had been defrauded and filed a complaint through Sinan Keskin, their lawyer, to the office of the prosecutor. Ecem Ashyrova was one of the victims. She said that she had deposited 4,000,000 dogecoins. At the moment, I have lost 12,000,000 Turkish lire. The 40-day package promised 100%, but we have lost everything.
Turgut V. and 11 others were the subject of an investigation by the Turkish Terrorism and Organized Crimes Bureau. Turgut V. was also banned from leaving the country by the prosecutors office.
The investigation revealed that Turgut V. had accumulated 350 million dogecoins within the fourth month of operation. The current price of the meme cryptocurrency is $0.2849. This amount is approximately worth $100 million at the current DOGE prices.