Andreas Szakacs, a co-founder of OmegaPro, an alleged multi-billion dollar Ponzi scheme, was arrested by an İstanbul court in July, according to a report by Turkish journalist Timur Soykan.
Szakacs, who had reportedly assumed the name Emre Avcı after acquiring Turkish citizenship, is accused of orchestrating one of the largest cryptocurrency and Forex scams in recent history. OmegaPro, which was founded in 2019, promised investors returns of up to 300 percent through what it claimed was a top-secret trading algorithm. The scheme reportedly defrauded millions of people across the globe, amassing approximately $4 billion ceasing operations in November 2022.
The company, originally based in Dubai, operated in numerous countries including the United Kingdom, France, Mexico and Nigeria. It attracted investors with promises of daily profits through Forex and cryptocurrency trading, offering investment packages ranging from $100 to $50,000. OmegaPro was able to convince investors by claiming it had developed an algorithm that could multiply their money tenfold in a short period.
As regulatory scrutiny increased, OmegaPro rebranded as Go Global but continued to operate the same fraudulent scheme. The company ceased payments to investors in late 2022, and by mid-2023, it had completely shut down. Following the collapse, Szakacs and his co-founders, including German national Dilawar Singh and American Mike Sims, went into hiding.
The arrest of Szakacs in İstanbul came after an anonymous tip led Turkish authorities to a villa in the city’s Beykoz district. A subsequent investigation revealed that the villa was rented under the name Stefan Andreas, an associate of Szakacs who remains at large.
This arrest follows other significant developments in the case. In March 2023, another OmegaPro executive, Juan Carlos Reynoso, was arrested in Mexico. Reynoso, a Peruvian citizen, was responsible for managing the company’s operations in Latin America. There are ongoing class action lawsuits against OmegaPro in France, Sweden and the UK, with potential legal action expected in the United States.
The OmegaPro case is part of a broader trend of international online scams that have proliferated in recent years. Such schemes often lure victims with the promise of high returns, leveraging the global reach of social media and the allure of cryptocurrency investments. Despite the widespread nature of these frauds, international law enforcement efforts have struggled to keep pace, leaving many victims without recourse.
Szakacs’s arrest is seen as a significant step towards justice for the millions defrauded by OmegaPro. However, with other key figures still at large and little progress in recovering the stolen funds, the road ahead remains uncertain for the scam’s victims.
The Turkish government has long been accused of making Turkey a safe haven for international criminals by granting them citizenship. Turkey has also faced allegations of involvement in international drug trafficking.