OmegaPro Co-Founder Arrested in Istanbul Over Alleged $4 Billion Ponzi Scheme

Andreas Szakacs, a co-founder of OmegaPro, was arrested by an Istanbul court in July. Szakacs, who had assumed the name Emre Avcı after gaining Turkish citizenship, is accused of orchestrating one of the largest cryptocurrency and Forex scams, defrauding millions globally.

Allegations and Operations

OmegaPro, founded in 2019, promised investors returns of up to 300% through a secret trading algorithm. The company reportedly amassed $4 billion before ceasing operations in November 2022. Initially based in Dubai, OmegaPro operated across multiple countries, including the UK, France, Mexico, and Nigeria.

Rebranding and Continued Fraud

As scrutiny increased, OmegaPro rebranded as Go Global but continued its fraudulent activities. By mid-2023, the company shut down entirely, and Szakacs, along with his co-founders, went into hiding.

Arrest and Seizures

Turkish authorities arrested Szakacs after an anonymous tip led them to a villa in Istanbul’s Beykoz district. The investigation uncovered 32 cold wallets and numerous documents related to OmegaPro’s financial transactions. Szakacs refused to provide passwords for the seized devices.

The mugshot of Szakacs (Emre Avcı) is taken from the daily BirGün.

Global Legal Actions

Szakacs's arrest follows the March 2023 arrest of another OmegaPro executive, Juan Carlos Reynoso, in Mexico. Class action lawsuits against OmegaPro are ongoing in France, Sweden, and the UK, with further legal action expected in the U.S.

The Growing Problem of International Scams

OmegaPro's case highlights the increasing prevalence of international online scams. These schemes often exploit the allure of cryptocurrency investments, leaving victims with limited recourse due to the challenges of international law enforcement.