The OmegaPro heist: The $4 billion Ponzi scheme that shook the world

In 2019, Swedish citizen Andreas Szakacs (who took the name Emre Avcı after becoming a Turkish citizen) began his operations as the CEO of a cryptocurrency and Forex company called OmegaPro.

According to a report by Timur Soykan from Birgün, the founders of OmegaPro included names known in the crypto and finance world, such as the German Dilawar Singh and the American Mike Sims. The company was established in non-transparent countries like Saint Vincent and the Grenadines, and its headquarters were located in Dubai. OmegaPro continued its operations by establishing a wide network of representatives in Latin America, Africa, the Middle East, the Far East, and Europe.

PROMISE OF 300 PERCENT PROFIT TO INVESTORS

OmegaPro was promoted as a Forex and cryptocurrency trading company operating on the internet. A simple promise was offered to investors: "Give us your money, we will trade on your behalf, and we will pay you daily profits." The company sold investment packages to investors ranging from $100 to $50,000. OmegaPro claimed that it had developed an algorithm that analyzed international markets and would provide investors with very high rates of profit. It promised to multiply investors' money by 10 times through leveraged transactions and guaranteed a 300 percent profit in 16 months. Those who brought in new investors were offered luxury gifts and higher profit rates.

BUILDING TRUST WITH CELEBRITIES

OmegaPro organized flashy events to gain the trust of investors. In Dubai and Panama, it held football tournaments under the name OmegaPro Legends Cup, attended by former footballers Ronaldinho, Kaka, Wesley Sneijder, John Terry, and Iker Casillas.

These footballers served as brand ambassadors for OmegaPro. The company also frequently used American and Indian film stars at its events. They organized large congresses in the most luxurious hotels in different parts of the world with famous names from the business world. At these events, luxury watches and expensive gifts were distributed to those who brought in new participants. The company, which also sponsored car races under the OmegaPro name, promoted itself by producing fake covers of prestigious magazines like Forbes.

THEY VICTIMIZED 3 MILLION PEOPLE

The company opened representative offices in many countries such as Colombia, Mexico, Argentina, Singapore, England, France, Belgium, Nigeria, and India, convincing investors to deposit money into OmegaPro. CEO Emre Avcı stated that the company had reached 1.5 million investors and would continue to grow rapidly. The company's application showed investors that they were earning large amounts of money, which in turn attracted more people to the system. Within 2.5 years, the number of investors reached 3 million.

ALLEGATION OF A $4 BILLION HEIST

Allegedly, OmegaPro was actually a Ponzi scheme. Payments were made to old investors with money taken from new investors, and a massive heist was planned in this way. It was claimed that the company's capital was created with coins obtained from the 2017 OneCoin heist. In November 2022, OmegaPro stopped investors' withdrawal requests and completely shut down in July 2023. 3 million investors around the world realized they had been defrauded. Emre Avcı, Dilawar Singh, and Mike Sims disappeared. Allegedly, they carried out a $4 billion heist.

ESCAPE TO TURKEY AND ARREST

Emre Avcı was born in 1988 as a Swedish citizen. Avcı, whose mother is Swedish and father is Turkish, settled in Istanbul after the OmegaPro heist. He began living with his family in a villa in the Acarkent complex in Beykoz. A tip-off that reached the Istanbul Provincial Gendarmerie Command on June 28 helped determine Avcı's location.

As a result of the research conducted after the tip-off, it was revealed that Avcı was accused of fraud. In the operation carried out on July 9, he was detained at his villa in Beykoz. In the villa, 32 cold wallets and devices for storing passwords related to cryptocurrencies were seized. Additionally, documents belonging to OmegaPro and records showing large amounts of money movements were found.

AVCI'S DEFENSE

In his interrogation, Emre Avcı claimed that the company was not established for the purpose of fraud, that it went bankrupt in 2022, and that they themselves suffered the greatest loss. Avcı refused to provide information about the cold wallets and computer passwords. Avcı's lawyers argued that there is a risk of losing money in the Forex market and that the complainants invested knowing this risk.

The Beykoz Criminal Court of Peace arrested Emre Avcı on July 10 on charges of 'fraud by using information systems, banks, or credit institutions as a tool'.

News Source: 12punto