OmegaPro Co-Founder Responsible for $4 Billion Scam, Arrested

• Andreas Szakacs was arrested in Istanbul in July for his role in the $4 billion OmegaPro scam.
• OmegaPro’s capital is linked with another scam, OneCoin, that set its investors behind by $4 billion.

Andreas Szakacs, co-founder of defunct crypto and forex platform OmegaPro, was arrested in Turkey in July for his alleged role in scamming investors of $4 billion. His platform operated as a Ponzi scheme, using investments from new investors to pay returns to older ones, creating a sense of profitability while the company made no real revenues.

Szakacs, a Swedish citizen, lured investors by promising them high returns he claimed to derive from trading activity. He denied the claims upon his arrest in Istanbul, where he changed his name to Emre Avci upon relocating. His arrest came after a letter tipped authorities off about his presence in the country on June 28. He was apprehended 10 days later on July 8.

A Dutch national, Dr Abdul Ghaffar Mohaghegh, corroborated the anonymous letter, telling authorities he was duped of $7 million. His statement also mentioned that he was representing 3,000 investors who collectively lost $107 million to the OmegaPro scam.

OmegaPro ceased customer withdrawals in November 2022, around the same time FTX collapsed. Its clients mentioned online how OmegaPro provided quick returns with initial investments. They were persuaded to invest more until Szakacs stopped withdrawals on the platform and absconded with investor funds. OmegaPro completely shut down in July of the following year.

The co-founder’s arrest for these activities occurred in the Beykoz area of Turkey’s capital when authorities raided two villas. While Szakacs occupied one of those, the other was rented by Stefan Andreas, an associate in this fraudulent operation. He was not to be found and is on the run.

Authorities Find 36 Crypto Wallets Along With Mobile Devices and Computers

Nevertheless, the authorities seized 36 crypto wallets, computers, and mobile devices with which they tracked $160 million in transactions. Szakacs did not cooperate in helping them with the tracking process. He has denied all allegations against him.

OmegaPro’s capital is believed to be closely linked with the OneCoin fraud, which also scammed investors of $4 billion. Its founder, Ruja Ignatova, commonly referred to as the ‘Crypto Queen,’ remains at large.