One wide Turkish investigation wey dem dey run into international investment fraud network don show corporate trail wey get link to Israel wey spread from Istanbul go Limassol, and company records put one Israeli wey dem detain for centre of one firm wey register for the Greek-administered south of Cyprus and wey connect to the scheme.

The investigation still raise bigger question about how dem take dey use the Greek-administered south of the island, place wey Israel don deep its security and commercial ties well-well in recent years.

Turkish authorities announce the operation on September 18, talk say dem target 28 companies and 42 call centres wey investigators claim dem use to defraud people through fake forex and cryptocurrency investment schemes.

Turkish Justice Minister Akin Gurlek talk say financial and intelligence investigations show people wey get link to Israel dey dominant for ownership and ultimate-beneficiary structures of the companies wey dem dey investigate.

Authorities detain 175 out of 239 suspects during initial raids for more than two hundred addresses for Istanbul and Mugla. The investigation involve Türkiye's Financial Crimes Investigation Board (MASAK), the National Intelligence Organization (MİT), police and prosecutors, and dem collect hundreds of complaints through Interpol, according to Turkish authorities.

Investigators talk say transactions wey connect to the network reach about 13 billion Turkish liras (US$266 million) inside two years.

Israeli links at the heart of the Turkish probe

The Israeli connection wey Turkish investigators identify pass just the nationality of some suspects.

Nine Israeli citizens reportedly dey among those arrested, according to Israeli media wey quote Turkish reporting.

One of the suspects na Amit Ygal, an Israeli national wey still get Portuguese passport.

Turkish authorities identify Ygal as formally dey work as a "Training Manager" for Facto Dis Ticaret ve Turizm Yatirimlari A.S., company wey dey based for Istanbul's Maslak district.

Turkish financial investigators identify transactions wey pass 17 million Turkish liras (about US$350,000) through accounts wey connect to Ygal, according to information wey dem give for the investigation.

From Istanbul to Limassol

TRT World investigation team find out say Ygal corporate footprint no stop for Türkiye only.

Greek Cypriot company records list Ygal as director of Webmove Holdings Limited, private company wey dem incorporate for Limassol on March 15, 2024.

The company dey listed as active, and Greek part of divided Lefkosa city-based Kserve Fidelity Limited dey serve as its secretary.

Turkish reporting identify Webmove as part of the network. Daily Sabah report say investigators believe Ygal operate the network through the Greek-administered Cyprus-based company and say payments from victims pass through European accounts, including accounts wey connect to the company, before dem convert am to cryptocurrency and transfer go Portugal.

Those allegations still dey part of the Turkish investigation.

Corporate records independently show Ygal directorship for Webmove, but those records alone no fit prove the company commit or help criminal activity.

TRT World still find technical connection between Webmove and another Limassol-based company.

Network records wey investigation review show Webmove corporate communications dey route through mail.ultarholdings.com, an AWS-hosted infrastructure wey relate to Ultar Holdings Ltd.

Greek Cypriot corporate records identify Israeli businessman Yuval Dael as director and secretary of Ultar Holdings.

Corporate filings also link Dael to HappyPay Holdings Ltd, Greek-Cypriot company wey now dey recorded as dey for voluntary liquidation.

The overlapping corporate and technical records show links between companies and people, but those records alone no mean Dael or Ultar Holdings commit crime.

Greek-administered Cyprus and Israel: a relationship deepened by the genocidal war on Gaza

The Limassol corporate trail dey show up against background of closer relations between Israel and the Greek Cypriot administration.

In December 2025, the Greek Cypriot administration and Israel, together with Greece, reaffirm cooperation for security, defence and military affairs, plus maritime security and critical infrastructure. The trilateral declaration also welcome the establishment of a Maritime Cybersecurity Center of Excellence in the Greek-administered Cyprus.

Greek Cypriot administration and Israel don also expand bilateral defence contacts. In December 2025, the Greek Cypriot and Israeli defence ministers talk about strengthening bilateral security and defence cooperation, while senior Greek, Israeli and Greek Cypriot military officials don hold talks on closer operational cooperation.

Greek-administered Cyprus don also become place wey Israeli military personnel dey travel go.

In July 2025, activists try make authorities arrest one Israeli soldier wey dem claim dey holiday for the island, dem file criminal complaint with Greek Cypriot authorities and accuse am of war crimes and crimes against humanity for Gaza.

Israeli property ownership surges

The relationship no dey limited to defence and security only.

Official Land Registry data wey dem table for Greek-administered Southern Cyprus' parliament show say Israeli buyers buy 3,909 properties between 2021 and end of 2024, make Israel the fourth-largest foreign nationality for the available dataset, after the UK, Russia and Greece.

The purchases dey concentrated for coastal districts for the Greek-administered south of the island: 1,406 properties for Larnaca, 1,291 for Paphos, 1,154 for Limassol and 58 for Famagusta.

One separate parliamentary question wey ask how much land for the Greek-administered south don pass into Israeli ownership no get answer inside the available records.

Still, the scale of Israeli property acquisition show the growing economic and social footprint of Israelis for the island.

A network spanning several jurisdictions

According to Turkish authorities, the wider fraud operation use multilingual call-centre workers to approach victims with online adverts wey promise high returns from forex and cryptocurrency investments.

Investigators say dem direct victims to platforms wey show fabricated profits. When victims try withdraw their money, operators allegedly demand extra payments wey dem call taxes or account-unblocking fees.

Authorities say victims dey target across Europe, Asia and Africa, while proceeds dey move through bank accounts and cryptocurrency wallets for outside the country.

The picture wey dey come out therefore na network wey dey operate across many jurisdictions: alleged boiler-room operations in Türkiye, Israeli-linked suspects and ownership structures wey Turkish investigators identify, and corporate and technical footprint wey extend into Limassol.

The Greek-administered Cyprus connections dey especially significant because dem sit inside a rapidly expanding Israel–Greek-administered Cyprus relationship wey cover defence, maritime cooperation, tourism, property and business.

For investigators, the main question wey never clear na how the Istanbul call centres, the Israeli-linked people and ownership structures, and the Greek-administered Cyprus-registered companies and technical infrastructure dey connect — and whether the offshore entities play operational or financial role for the alleged fraud.