The Turkish police have launched an investigation into a Dogecoin investment program that allegedly misled 350 million Dogecoins from around 1,500 investors.
Dogecoin program outwits investors in Turkey
The Prosecutor General of Küçükçekmece, a suburb of Istanbul, is conducting a large-scale investigation into cryptocurrency fraud, Turkish news broadcaster TV100 reported this week.
The scheme claims to be a cryptocurrency system that operates under the name “Dogecoin-Mining”. It promised users a 100% profit in 40 days.
The alleged mastermind of the fraud, Turgut V., organized one-on-one meetings in luxury eateries with attractive promotions to convince investors to join the program. He also used a Telegram channel to instruct investors to transfer their Dogecoins to the system.
The system worked well for the first three months and investors were able to receive their promised returns on a regular basis. As a result, the number of investors has increased significantly. A total of around 1,500 people transferred their Dogecoins into the system.
In the fourth month, however, Turgut V. shut down the system abruptly. Confused investors could not log in and tried in vain to contact him and his staff by phone or at their office.
When some investors realized they had been betrayed, they filed a complaint with the prosecutor through their attorney Sinan Keskin. One of the victims, Ecem Ashyrova, told TV100: “I have deposited 4 million Dogecoins. I have lost 12 million Turkish lire at the moment. We were promised to win 100% with a 40-day package, but what we had in hand is gone. “
The Turkish Terrorism and Organized Crime Bureau opened an investigation into Turgut V and 11 other suspects linked to him. The public prosecutor’s office has also issued a travel ban for Turgut V.
According to the investigation, Turgut V. had collected 350 million Dogecoins by the fourth month of operation of the system. The meme cryptocurrency is currently trading at $ 0.2849. At the current DOGE price, that amount is about $ 100 million.
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