Turkish Authorities Apprehend Organiser of $4 Billion Crypto Scam

Turkish law enforcement has apprehended Swedish national Andreas Sakac for his involvement in orchestrating the OmegaPro cryptocurrency pyramid scheme, which resulted in investor losses of $4 billion. This was reported by Turkiye Today.

The scam was structured as a Ponzi scheme: newly attracted funds were used to pay returns to early participants, creating an illusion of profitability.

OmegaPro’s capital is allegedly linked to OneCoin — one of the largest crypto scams in history, with similar damages of $4 billion.

OmegaPro ceased withdrawals in November 2022 and was fully closed by July 2023.

Sakac, who adopted the name Emre Avci after moving to Turkey, was arrested following a tip-off from an anonymous informant who identified his residence in Istanbul.

The tip was corroborated by Dutch citizen Abdul Ghaffar Mohageh, who arrived in the country to represent the interests of 3,000 investors in the pyramid, who collectively invested $103 million. According to Mohageh, his personal investment amounted to $7 million.

In addition to his testimony, the Turkish gendarmerie identified 16 local users of the OmegaPro app. They reported that the scheme involved initial small investments that yielded quick profits. Subsequently, the company persistently urged clients to increase their deposits. Ultimately, their accounts were wiped out when they attempted to withdraw funds.

Sakac was detained at a rented villa on July 9 during a police raid. The alleged accomplice, Stefan Andreas, residing at a different address, was not found and remains at large.

In June, the US State Department increased the reward to $5 million for information leading to the arrest of OneCoin founder Ruja Ignatova. Meanwhile, journalists have uncovered further evidence suggesting the entrepreneur was killed in 2018, although conclusive proof of her death remains absent.