I Sent Money to a Fake Investment App: Evidence and Getting the Money Back
Last updated: 26.10.2026 · Author: Attorney Coşkun Genç, Istanbul cybercrime lawyer
Short answer: If you have sent money to an investment app that does not carry out real trades, stop making further payments immediately; call your own bank and the bank to which the money went, report that the transaction is fraud, and on the same day apply to the Chief Public Prosecutor's Office (Cumhuriyet Başsavcılığı) with your transfer receipts. The act is in most cases aggravated fraud under Article 158(1)(f) of the Turkish Penal Code (TPC, Law No. 5237); Article 128/A of the Code of Criminal Procedure (CCP, Law No. 5271) gives the bank the option of suspending the account for up to 48 hours. The money is claimed back through a refund from the suspended account, the criminal file and a compensation action against the account holders.
How can you tell an investment app is fake?
In a fake investment app, the balance, charts and profit shown on screen are not the result of transactions carried out on a real market; the figures are set by the people operating the platform. The app may be installable on a phone and may have a professional interface and a "customer representative"; none of this shows that real transactions are being carried out.
In a genuine investment, the money goes to an account opened in your own name at an authorised brokerage firm or bank, and the securities purchased are recorded in your name in the central registry system. We have explained how this infrastructure works in the article on the fund and share trading process. On a fake platform, by contrast, the money is usually sent to the individual bank account of a person you do not know, to a payment institution account or to a crypto wallet.
The common warning signs are:
- Transfers to personal accounts: Being asked to send the investment amount each time to the IBAN of a different individual rather than to a company.
- Unrealistic returns: Promises of fixed or very high gains in a short time, and claims that there is "no risk of loss".
- Contact via social media or messaging: Being directed through an advert, an acquaintance's account, an investment group or a dating app.
- Withdrawal barrier: Depositing money is easy, but a withdrawal request is met with a demand for tax, commission, collateral or an "account verification" fee.
- Haste and pressure: Time pressure such as "the campaign ends today" or "your account will be closed".
This article focuses on imitation platforms on which no transactions are carried out and on the ways for the victim to recover the money. Forex cases in which trades are carried out through a real foreign broker, and the liability of employees, are discussed separately in the article on forex fraud.
I sent money to a fake investment app: what should I do in the first 48 hours?
The most important task in the first 48 hours is to set the banks and the prosecutor's office in motion before the trail of the money is lost. Fraudsters often move the money within a few hours to other accounts, convert it into cash or turn it into crypto assets; the order of the steps therefore matters.
- Stop paying: Whatever the platform demands, do not send new money, do not take out a loan and do not use anyone else's account.
- Call your own bank: For every wire transfer or EFT you sent, report the date, time, amount and recipient IBAN and have it recorded that the transaction was made as a result of fraud; note the date of the call and of any written application.
- Notify the recipient bank: Also send a written notification to the bank, payment institution or crypto platform to which the money went. Article 128/A CCP gives these institutions the option of suspending the account used in the offence.
- Freeze the evidence: Before your app account is closed, take screenshots and screen recordings and export the correspondence.
- Apply to the prosecutor: Make a written application to the Chief Public Prosecutor's Office or to law enforcement (Article 158(1) CCP). In the application, set out the recipient IBANs, amounts and dates one by one.
- Request for suspension and seizure: Ask the prosecutor's office to seize the money in the suspended account and to return it to you.
Article 128/A CCP is a new provision added by Law No. 7571 of 24.12.2025. The article applies to the offences of aggravated theft (Article 142(2)(e) TPC), aggravated fraud committed through the use of information systems or banks as an instrument and by posing as a public official or bank employee (Article 158(1)(f) and (l) TPC), and misuse of bank or credit cards (Article 245 TPC). The decision to suspend may be taken by the bank, the payment service provider or the crypto asset service provider; this is not an obligation but a discretionary power. The suspension and the account movements are reported to the prosecutor's office without delay; within the suspension period, the money may be seized by decision of a judge or, where delay would be prejudicial, by written order of the prosecutor. For details, see the article on suspension of accounts (Article 128/A CCP).
Code of Criminal Procedure (CCP, Law No. 5271) – Article 128/A(5)
(5) Where it is established that the seized benefit constituting the subject matter of the offence belongs to the victim harmed by the offence, it shall be returned to its owner during the investigation or prosecution phase.
Should I pay if tax or commission is demanded for a withdrawal?
No. A demand for "tax", "commission", "insurance", "collateral" or a "fee for clearing a money laundering suspicion" before you can withdraw your gains is the most typical second stage of fake platforms. At a genuine brokerage firm, tax or commission is generally deducted from the balance in the account; you are not asked to send money from outside to a separate personal account in order to withdraw.
In a case upheld by the Court of Cassation, the sequence of events accepted by the first-instance court clearly shows this pattern. The intervening party (katılan), who had seen "earnings with forex/stock exchange" posts on social media, first sent a small amount; money was then demanded again and again so that the gains could be withdrawn:
"that, upon being told that the intervening party had earned TRY 80,000.00 and had to send a further TRY 17,900.00 in order to withdraw the money, the intervening party this time sent TRY 17,900.00 to the same account, and that, upon money being demanded again later, the intervening party this time sent TRY 31,850.00 to the same account of the defendant on the same day"
Court of Cassation, 11th Criminal Chamber, E. 2024/2013, K. 2024/4847, 03.04.2024 (findings of the first-instance court; the appeal on facts and law (istinaf) was dismissed on the merits and the Court of Cassation upheld the conviction)
In the same case, the first-instance court found that the defendant had obtained an unjust benefit "with the promise of earning high amounts of money through the use of the information system as an instrument"; the Court of Cassation found no error in the finding, based on bank responses, transfer receipts and HTS records (historical traffic search – call detail records), that the offence had been proven. The case also shows that the trail of the money can be followed through letters from banks and payment institutions.
Once you realise you have been defrauded, also be wary of people who say "we will bring your money back". People who promise a refund in return for an advance payment and who pose as a lawyer, a law enforcement officer or an institution's employee may reach the same victim a second time. Official institutions do not ask you to pay into a personal account for a refund.
What evidence should be collected?
The strength of the file depends on documenting from which account to which account, on which date and on whose instructions the money went. The following documents should be gathered in one folder before applying:
- ✓All transfer receipts, account statements and recipient IBAN / name details
- ✓For crypto transfers, the transaction ID (TxID), wallet addresses and the platform account statement
- ✓The name of the app, the download link, the web address and screenshots of the in-app balance screens
- ✓A dated export of WhatsApp, Telegram or social media correspondence and the other party's phone numbers
- ✓The link to, and a screen recording of, the advert, profile or group that directed you
- ✓The dates and reference numbers of your notifications to the bank and the recipient institution, and any written replies
- ✓If you were made to install a remote access app, the name of the app and the time of installation
- ✓A simple table showing the payments in chronological order (date, amount, recipient, stated reason)
It is also important that the application be specific. Under Article 158(6) CCP, a decision that there is no ground for an investigation (soruşturma yapılmasına yer olmadığına dair karar) may be given in respect of a complaint that is abstract and general in nature. Instead of simply saying "I was defrauded", a petition showing to which account and for what stated reason each payment was made makes it easier for the prosecutor's office to request information quickly from banks and payment institutions. Under Article 128/A(7) CCP, these institutions are obliged to send the information and documents requested by the prosecutor, judge or court within ten days.
What offence does a fake investment platform constitute?
Collecting money through an imitation investment app constitutes, as a rule, the offence of aggravated fraud through the use of information systems, banks or credit institutions as an instrument under Article 158(1)(f) TPC. The offence may be committed by anyone who deceives the victim by fraudulent conduct and thereby obtains a benefit for themselves or another; the use of the internet, an app and bank transfers as an instrument constitutes the aggravated form. The penalty is imprisonment from three to ten years and a judicial fine; under subparagraph (f), the minimum term of imprisonment may not be less than four years and the judicial fine may not be less than twice the benefit obtained from the offence. Where the offence is committed by three or more persons together or within the framework of the activities of an organisation, the penalty is increased under Article 158(3). A detailed explanation is in the article on fraud through information systems.
Turkish Penal Code (TPC, Law No. 5237) – Article 158(1)(f) and last sentence
(1) Where the offence of fraud is committed […] f) through the use of information systems, banks or credit institutions as an instrument, […] a penalty of imprisonment from three to ten years and a judicial fine of up to five thousand days shall be imposed. However, in the cases listed in subparagraphs (e), (f), (j), (k) and (l), the minimum term of imprisonment may not be less than four years, and the amount of the judicial fine may not be less than twice the benefit obtained from the offence.
The fact that contact was made via social media does not change the legal characterisation. In a fraud committed through an advertisement on a social networking site, the Court of Cassation made the following assessment:
"Without taking into account that the act committed by the defendant via the social networking site named Facebook constitutes the offence of fraud through the use of information systems, banks or credit institutions as an instrument, falling within the scope of subparagraph (f) of the first paragraph of Article 158 of Law No. 5237..."
Court of Cassation, 11th Criminal Chamber, E. 2021/29563, K. 2024/5952, 06.05.2024 (reasoning of the Court of Cassation; the judgment was upheld with correction)
The facts of this decision concern a fake sales advertisement rather than an investment platform; however, it shows that the Court of Cassation regards fraud committed via social media as falling within subparagraph (f). In the same case, the defendant argued that he had let another person use his account in return for a commission; the Court of Cassation did not find this ground of appeal well founded.
Capital markets offences may also arise alongside fraud. Capital Markets Law (Law No. 6362) Article 109(2) punishes those who engage in unauthorised activity in the capital markets with imprisonment from two to five years and a judicial fine of five thousand to ten thousand days; for those who act as crypto asset service providers without authorisation, Article 109/A provides for imprisonment from three to five years. Which type of offence applies, and whether the offences are applied together, is determined by the prosecutor's office and the court according to the specific facts.
The holder of the account to which the money was sent also becomes the subject of the investigation. Where a person who gave their account, card or account access details to another for the purpose of unjust benefit participated only to that extent, their penalty is reduced by half under the fourth paragraph added to Article 158 TPC in 2026. This provision does not release the account holder from liability; the details are in the article on the 12th Judicial Reform Package and IBAN victims.
Can the money sent be recovered, and by what means?
The money can be recovered; however, success depends largely on whether the money is still sitting in an account and whether those responsible can be identified. Several routes, which do not exclude one another, are open to the victim:
| Route | Legal basis | Authority | When is it useful? |
|---|---|---|---|
| Suspension of the account | Article 128/A(1)-(2) CCP | Recipient bank, payment or crypto institution | While the money is still in the account; for a maximum of 48 hours |
| Seizure and return | Article 128/A(4)-(5) CCP, Article 128 CCP | Prosecutor's office, criminal judgeship of peace (sulh ceza hâkimliği) | Once it is established that the money belongs to the victim, during the investigation or prosecution |
| Intervening in the criminal case | Article 158 TPC; CCP | Criminal court of first instance / high criminal court | Establishing those responsible and the trail of the money |
| Compensation action | Article 49 TCO | Civil court of first instance (asliye hukuk mahkemesi) | Against the fraudsters and account holders who took part in the act |
| Unjust enrichment action | Article 77 TCO | Civil court of first instance | Against the person holding the money without just cause |
Against whom is the civil action brought?
Because the actual fraudsters often cannot be identified, the compensation claim in practice is directed at the holders of the accounts to which the money first went. Article 49 of the Turkish Code of Obligations (TCO, Law No. 6098) holds a person who causes damage by a faulty and unlawful act liable to compensate the damage. Article 77 TCO, in turn, imposes on a person who has been enriched from another's assets without just cause the obligation to return that enrichment. Which of these is appropriate is assessed according to whether the account holder took part in the act and whether the money remained with them.
The civil action should not be considered independently of the criminal file. In a debt action brought against the holders of the account into which money had been paid as a result of fraud, the Court of Cassation, upon the claimant's appeal, reversed the judgment, stating that the first-instance court had decided without adequately examining the criminal files:
"the court must investigate whether both criminal files relate to the same incident and, if so, must await the finalisation of the [...] file that has not yet become final and reach a conclusion by also evaluating that decision. A judgment cannot be rendered on the basis of incomplete examination."
Court of Cassation, 4th Civil Chamber, E. 2022/4408, K. 2022/12335, 17.10.2022 (reasoning of the Court of Cassation; the decision was reversed)
For this reason, the bank letters, account movements and statements in the criminal file also form the core evidence of the civil action. Following the criminal investigation makes proof easier in the civil action.
What is the limitation period?
Under Article 72 TCO, a claim for compensation becomes time-barred two years from the date on which the damage and the person liable for compensation became known, and in any event ten years from the date of the act. If the compensation arises from an offence for which the criminal laws provide a longer statute of limitations, that period applies. Since the identity of the person responsible is often learned from the criminal file, a record of that date should be kept.
What is the role of the Capital Markets Board (SPK)?
When the Capital Markets Board establishes that unauthorised capital markets activity is being conducted over the internet, it decides on the removal of the content or the blocking of access; it has the same power where persons resident in Turkey are made to carry out leveraged transactions from abroad (Article 99(3)-(4) of the Capital Markets Law). The access-blocking decisions published on the Board's website can be used to show that the platform is unauthorised. Article 99(1) of the Capital Markets Law also empowers the Board to bring actions for the annulment of the results of unauthorised activity and for the return of the money to the rightful owners; this power does not replace the victim's own applications.
What are the common mistakes and exceptions?
- Making additional payments: Every new payment demanded for a withdrawal increases the loss; these payments are also part of the fraud.
- Deleting correspondence: Deleting chats out of embarrassment or fear makes identification harder. Do not delete any record.
- Delay: The suspension period is at most 48 hours; notifying the bank and applying to the prosecutor should not be postponed.
- Writing a general complaint: A petition that does not contain IBANs, amounts and dates slows down the investigation.
- Paying for a "money recovery" service: People who demand an advance payment in return for a refund are usually a second fraud attempt.
- Letting others use your own account: Fraudsters may want to use the victim's account, on the pretext of "repaying" the loss, to move other victims' money; this may put you in the position of a suspect.
There are also exceptions. If the platform is genuinely connected to an authorised foreign broker and the transactions were actually carried out, the dispute may be treated not as a fake platform but as a matter of unauthorised activity, misdirection or a contractual problem. If a crypto asset was sent directly to a foreign wallet, the scope for suspension narrows; in that case, the records at the domestic platform where the money was converted from Turkish lira into crypto become important.
The Application Process with an Istanbul Investment Fraud Lawyer
In fake investment cases, three points stand out as decisive for the outcome: notifying the banks in the first hours, a specific criminal complaint matching each payment to the recipient account, and requesting in good time the return of the suspended or seized money. Av. Coşkun Genç Law Office provides legal support in Istanbul at the stages of preparing the criminal complaint, following up seizure and return requests under Article 128/A CCP, intervening in the criminal case and bringing a compensation action against the account holders. In the work carried out as an Istanbul investment fraud lawyer, the criminal and civil routes are planned together.
For victims considering the support of an Istanbul online fraud lawyer, transfer receipts, account statements, correspondence exports and records of bank notifications are the basic documents for the preliminary assessment. The office's contact details are available on the contact page; the office's areas of work are set out on the cybercrimes page.
Sources
- Turkish Penal Code (TPC, Law No. 5237), Article 158 – mevzuat.gov.tr
- Code of Criminal Procedure (CCP, Law No. 5271), Articles 128, 128/A, 158 – mevzuat.gov.tr
- Capital Markets Law (Law No. 6362), Articles 99, 109, 109/A – mevzuat.gov.tr
- Turkish Code of Obligations (TCO, Law No. 6098), Articles 49, 72, 77 – mevzuat.gov.tr
- Court of Cassation, 11th Criminal Chamber, E. 2024/2013, K. 2024/4847, 03.04.2024
- Court of Cassation, 11th Criminal Chamber, E. 2021/29563, K. 2024/5952, 06.05.2024
- Court of Cassation, 4th Civil Chamber, E. 2022/4408, K. 2022/12335, 17.10.2022
Important: This article is for general information purposes and does not replace legal advice. Suspension, seizure and return decisions depend on the circumstances of the specific case, the trail of the money and the discretion of the authorities concerned. As the time limits are short, do not delay applying to the bank and the prosecutor's office; the legislation is taken as in force on 26.10.2026.