The key facts

  • US citizen Richard James Schulter was detained in Istanbul via an Interpol red notice over alleged crypto-asset fraud amounting to $1 billion in the US and Finland.
  • Also detained were Schulter's wife and three bodyguards; searches were carried out at 15 addresses in three Istanbul districts.
  • Seized: $7.15 million, 160,000 Turkish lira, six crypto wallets, electronics, valuables, and weapons with ammunition.

Detention in Istanbul

Turkey's Justice Minister Akin Gurlek announced that US citizen Richard James Schulter has been detained in Istanbul. According to him, an Interpol red notice had been issued against Schulter on suspicion of crypto-asset fraud amounting to $1 billion in the US and Finland. The detention took place on Wednesday during an operation in Istanbul's Besiktas district, where, along with Schulter, his wife and — as the investigation continued — three people described as the couple's bodyguards were detained.

Organization of the Operation

Gurlek said the suspect's whereabouts were established during an operation by an intelligence unit and the financial crimes department of the Istanbul police, coordinated by the Istanbul Chief Public Prosecutor's Office and with the support of the National Intelligence Organization (MIT). In a post titled 'Turkey will not become a safe haven for transnational criminals and wanted individuals,' the minister stated that Turkish security and intelligence structures continue coordinated work to ensure the country does not become a refuge for wanted individuals and that they are detained and brought to justice.

Items Seized in Searches

During judicial searches at 15 addresses in the Besiktas, Uskudar, and Sariyer districts, $7.15 million and 160,000 Turkish lira (about $3,231) were seized, along with six hardware crypto wallets, 300 bags of various brands, 100 pairs of shoes, 136 pairs of glasses, 28 wristwatches, 97 pieces of jewelry, and other valuables. Also confiscated were 29 mobile phones, 12 laptops, 11 desktop computers, 19 solid-state drives and external storage devices, 46 USB drives, 19 graphics cards, four long-barreled rifles, three unregistered pistols, and 1,400 rounds of ammunition.

Next Steps

Gurlek noted that judicial procedures regarding the detainees and the examination of the seized materials are ongoing. He thanked the Istanbul Chief Public Prosecutor's Office, the specialized units of the Istanbul police, MIT, and all personnel who took part in the operation.