Authorities in Istanbul, Turkey, arrested Swedish citizen Andreas Szakacs, who changed his name to Emre Avci, for leading the cryptocurrency pyramid scheme OmegaPro, which promised returns of up to 300%. scam defrauded investors of up to $4 billion.
The cryptocurrency pyramid scheme OmegaPro started in 2019 and included co-founders Dilawar Singh (Germany) and Mike Sims (USA). scam cryptocurrency also operated in Latin America, it was detected in Colombia and Mexico.
Türkiye arrests co-founder of OmegaPro cryptocurrency scam
Turkish authorities explained that the OmegaPro scam was structured as a Ponzi scheme, where investors came in and paid out the profits of previous investors, which created an “illusion of profitability.” Authorities even believe that part of OmegaPro’s capital is linked to that of the other major OneCoin scam. OmegaPro is said to have defrauded up to 3 million people.
“Emre Avcı was arrested during the operation carried out at his luxury villa in Beykoz, Istanbul. During the operation, 32 cold wallets containing cryptocurrencies and numerous digital materials were seized. OmegaPro is claimed to have victimized more than 3 million people worldwide and many lawsuits have been filed in different countries. Szakacs denies the allegations and claims that the company is bankrupt,” reported traders from Türkiye.
Read more: Get to know the most notable cryptocurrency scams in history
OmegaPro’s Ponzi scheme operated in many countries: Colombia, Mexico, Nicaragua, Argentina, Chile, Hong Kong, Singapore, England, France, Belgium, Nigeria, Congo, India and South Korea, involving 3 million people in 2.5 years. It even had operating offices in Latin America, Africa, the Middle East and Europe.
Ozlem Gurses: (Emre Avci)
📌 He has Turkish citizenship, he has an ID. He is wanted with a red notice in the world. He bought a Turkish ID. How did he get it?
📌 It’s very easy, you know our government sells it. Moreover, it’s very affordable. You don’t just buy it for yourself, you buy it for your spouse, your friend, your relative as well. pic.twitter.com/DbniInvfBt
— Münferit Gündem (@MunferitGundem) August 21, 2024
Of agreement with Turkiye Today, OmegaPro stopped its withdrawals in November 2022 (same date as FTX) and completely closed its operations in July 2023, when investors realized they had been defrauded. OmegaPro managed to attract investors by presenting itself to the market as a “Forex and cryptocurrency services company operating on the Internet.”
Authorities adjust the figure of the OmegaPro scam to $4 billion
The arrest of Andreas Szakacs began last June, when an anonymous informant informed the Istanbul Provincial Gendarmerie Command about Szakacs’ whereabouts in Acarkent, Istanbul. Authorities collected testimonies about the OmegaPro scam, until they collected 3,000 cases, the amount of the fraud exceeding $103 million.
Last year, Mexican authorities arrested Juan Carlos Reynoso, a director of Omegapro in Latin America. The Peruvian-born businessman appeared in photographs and videos of the company. There, like many other members of the organization, he invited investors to participate in a unique opportunity and, in this way, ensure their “financial freedom.”
Read more: How to reduce the risk of falling for scams? The most common types of crypto scams in recent times
It was discovered that Andreas Szakacs, CEO of the crypto app OmegaPro, who is wanted by Interpol for committing the world’s biggest fraud with a $4 billion haul, is a Turkish citizen who uses the name Emre Avcı and was detained at his home in Acarken, Istanbul, just a few hours ago.
— How Many Hours Has It Been?🌍 (@kacsaatolduson) August 21, 2024
The Financial Superintendence even warned that OmegaPro did not have permission to operate in Colombia. In addition, they accused the platform of operating under different names: OmegaPro, OMP, OMP Money, Digital Investment, Digital Group, New Digital Economy, Digital Businesses, The Omega Effect, Native Empire or Dreamers.
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