The now-defunct cryptocurrency and FX platform OmegaPro co-founder Andreas Szakacs was detained in Turkey in July. He is charged with scamming investors out of $4 billion in a Ponzi scheme involving cryptocurrencies.
Szakacs is suspected of defrauding investors by promising enormous profits using OmegaProâs âautomated tradingâ algorithm, amassing their money, and then freezing their accounts. Szakacs, a Swedish national who moved to Turkey and changed his identity to Emre Avci, has refuted the accusations.Â
Anonymous tip unravels the Crypto Fraud case
An anonymous tip on June 28 led to Szakacsâs arrest; this information was later verified by Dutch citizen Dr. Abdul Mohaghegh, who represents 3,000 investors who lost a total of $103 million to OmegaPro.
Dr. Abdul Ghaffar Mohaghegh, a Dutch national who gave important testimony, affirmed this tip. Ten days after the first report, on July 8, Mohaghegh came to Istanbul, claiming to speak for 3,000 investors who had lost $103 million. He claimed to have received power of attorney from the impacted investors and to have invested $7 million in OmegaPro.
Detaining the mastermind of a cryptocurrency scheme
Using internet complaint portals, the gendarmerie located 16 Turkish complainants in addition to the international testimony. These users experienced identical fraudulent experiences using the âOmega Investâ app, which is thought to be a division of OmegaPro. They talked about making tiny initial contributions that paid off quickly, which led to requests for more investments. Finally, it was all gone when they tried to take money out of their accounts.
OmegaPro was a cryptocurrency and FX investment firm founded in 2019 and headquartered in Dubai. It offered clients a range of paid investment packages that could yield returns of up to 300%.
On the OmegaPro site, users narrated stories of their first small deposits that yielded rapid profits. Demands for further funding ensued, and eventually, user accounts were shut.
According to reports, the corporation stopped accepting withdrawals on November 22, 2022, the same day as the cryptocurrency exchange FTX crashed, and started closing down customer accounts on November 7, 2022.Â
Several jurisdictions, including France, Belgium, Spain, and Peru, apparently sent regulatory fraud warnings on the platform prior to the firmâs collapse. The platform is said to have primarily targeted people outside the United States.
Turkish authorities took thirty-two cryptocurrency cold wallets, mobile devices, and PCs. Turkish police tracked transactions totaling over $160 million, even though Szakacs did not provide any information that would have enabled authorities to access the wallets, according to local news site Birgun. Â
According to local police, OmegaProâs finances were intimately associated with the notorious OneCoin cryptocurrency scam, which defrauded investors of $4 billion.Â
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