12 Turkish Fraud Suspects Steal 350 Million Dogecoins

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The Turkish authorities are investigating a potential fraudulent scheme whose organizers have disappeared with around 350 million Dogecoin tokens (more than $119 million at press time), local media reports.

The main suspect in the case is someone named Turgut V. According to the investigators, together with his girlfriend and 10 accomplices, he raised funds for allegedly purchasing mining devices and mine Dogecoin. Investors were promised 100% profit in 40 days on their investment.

The meetings with potential clients were held in fashionable establishments, while all the communication was also conducted through a Telegram group. While investors actually received dividends for the first 3 months, payments stopped after that, and the organizers did not reply to their messages.

The scammers have attracted Dogecoins valued at 1 billion Turkish lira (more than $119 million) from about 1,500 people.