Following the loss of 200 million liras ($25.2 million) invested in a falsified Turkey’s national digital currency (Turcoin), victims of the cryptocurrency-structured pyramid system in Turkey filed a complaint.
According to a local news outlet, Daily Hürriyet, Turkish prosecutors tried and convicted the 37 people accused of being the architects of the pyramid scheme that started sometime in 2018 and collected funds from 12,000 people over the course of six months.
The pledge was that the victims would invest in a cryptocurrency that would eventually become the ‘national’ alternative digital currency of Turkey, although there was no such digital currency in the real sense.
Sadun Kaya and Muhammet Satıroğlu, the key people behind the scheme, posed as rich businessmen and owners of a corporation with some 25 million clients and revenue of $5 billion across the globe to make their ploy sound legitimate to investors.
The meetings took place in were supposedly held in lavish hotels in the northwestern territory of Kocaeli, driving members to put their cash in a coin. On the off chance that they could enlist others, members were given extra rewards, with other victims inevitably offering their vehicles and houses to put resources into the fraudulent business scheme.
Orhan Akbulut, presently recorded as a defendant for the situation, had secured about 5 million liras ($632,000) from a couple of other physicians, offering them noteworthy profits for their investments.
The Ponzi scheme, notwithstanding, ceased to exist inside a half year, pulling in a huge number of speculators who trusted past financial specialists who had gotten returns on their capital expense.
The masterminds behind the plan are being held in police custody while doctors, educators, previous cops, and a large group of other local officials make up most of the suspects for the situation. Meanwhile, the Hürriyet every day noticed that 1,176 people have documented grievances over similar Ponzi scheme in Turkey.
In a similar pattern, Coinfomania announced in August that a $6.5 million refund was made from another crypto-related Ponzi scheme called Banana. Fund was pursued by US prosecutors.
