Forex Fraud via Social Media: Criminal Liability Under TCK Art. 158

In Istanbul and across Turkey, money is obtained on social media platforms (Instagram, Facebook, Twitter), instant messaging applications (WhatsApp, Telegram), or fake investment sites through promises such as "forex investment", "guaranteed return", "expert signal", and "high earnings in a short time". Such transactions lead the victim to send money as a result of being deceived by fraudulent behavior regarding investment activities, licenses, expertise, earnings, and withdrawal opportunities that do not actually exist or are presented contrary to the truth.

Criminal liability in Forex fraud cases, depending on the specifics of the incident, is evaluated within the scope of Turkish Penal Code (TCK) art. 157 (simple fraud), art. 158/1-f (qualified fraud – use of informatics systems and bank accounts), and art. 158/1-l (qualified fraud – impersonating an institutional employee). This article will examine in detail the boundaries of criminal liability, evidence evaluation, Yargıtay practice, and investigation strategy in forex frauds committed via social media and digital payment channels.

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Legal Qualification: Simple or Qualified Fraud?

The criminal law characterization of acquiring funds through the promise of forex investment via social media depends on the presence of the following elements:

Crime Type	Legal Basis	Required Elements	Sanction
Simple Fraud	TCK art. 157	Deception, trickery, loss, benefit; informatics system use may not be present	2 to 5 years imprisonment
Qualified Fraud (Informatics System)	TCK art. 158/1-f	Use of informatics systems (internet, fake website, mobile application) as an instrument of fraud; acquisition of funds via bank account or crypto wallet	3 to 8 years of imprisonment
Qualified Fraud (Institutional Appearance)	TCK art. 158/1-l	Misrepresenting the suspect as an employee of a bank, investment firm, or brokerage house, or creating the impression of an affiliation with such institutions	3 to 8 years of imprisonment
Acting Together or Within the Framework of an Organization	TCK art. 158/3	Multiple victims, coordinated social media accounts, shared bank accounts, call center structure	Additional penalty

Critical Distinction: Not every forex loss constitutes fraud within the meaning of criminal law. Criminal liability may not arise in cases where the investment was genuinely made, losses occurred due to market risk, promises did not involve fraudulent claims of guaranteed returns, or it cannot be demonstrated that the suspect had the intent to deceive from the outset. The investigative authority and the court must carefully examine the element of deception in the specific case.

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Procedural Law: Investigation, Jurisdiction, and Statute of Limitations

Investigative Authority and Initial Application

Victims subjected to forex fraud may file an application through the following channels:

• Criminal complaint to the Chief Public Prosecutor's Office – If the victim is in Istanbul, to the Istanbul Chief Public Prosecutor's Office,
• Application to a police or gendarmerie unit – All units must accept the criminal complaint,
• Direct electronic application to the Prosecutor's Office – Through the online portal systems of the higher prosecutor's office.

Investigation regarding qualified fraud is conducted ex officio; however, the victim's application is of great importance for initiating the investigation and substantiating the evidence. In their application, the victim should provide chronological information, screenshots, bank receipts, and messaging records to the greatest extent possible.

Competent and Authorized Court

During the prosecution stage, considering the nature of the sanction stipulated in Article 158 of the TCK, the competent court as a rule High Criminal Court shall be. Regarding jurisdiction, the following matters are important:

• The place where the crime was committed (the place where the victim is located, the places where the money transfer was made),
• In digital transactions, IP logs, hosting city, known address of the suspect,
• The place where bank accounts are processed,
• The information of the victim and the suspect must be clearly stated in the petition of complaint.

Since it may be difficult to determine a single physical location in digital crimes, the petition of complaint must explicitly explain the victim's location, the place where the money transfer was made, the bank accounts used, IP/line information, and the known addresses of the suspects.

Filing Period and Statute of Limitations

Qualified fraud is not an offense subject to complaint. Therefore, the victim missing the six-month complaint period under TCK art. 73 does not, as a rule, prevent a public investigation. However, delay creates serious de facto risks regarding the deletion of digital data, the weakening of the track of account activities, the change of line subscription information, and the identification of suspects.

Based on the upper limit of the imprisonment penalty under TCK art. 158 (8 years), the statute of limitations is evaluated as fifteen years within the scope of TCK art. 66/1-d. The period is calculated from the date the benefit is obtained in a completed crime; in the allegation of a chain crime, from the last transfer or the last fraudulent act. Since the payment dates are not known in the specific case, each transfer and the date of the last fraudulent transaction must be evaluated separately.

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Claim Items: Penalty and Compensation

1. Criminal Investigation and Public Prosecution

Legal Basis: TCK Art. 157, Art. 158/1-f, Art. 158/1-l, and depending on the specific case, Art. 158/3; provisions of the CMK (Code of Criminal Procedure).

Standard of Proof: Concrete data giving rise to suspicion that a crime has been committed is required during the investigation stage, whereas conclusive and convincing evidence beyond a reasonable doubt is required for conviction.

In the petition to be submitted by the criminal defense lawyer, the victim's fraudulent acts, the suspect's intent, the money flow, and the chain of custody of the evidence must be demonstrated concretely. Otherwise, the investigation may conclude with a decision of non-prosecution.

2. Recovery of Pecuniary Loss (Civil Lawsuit)

A criminal conviction does not automatically ensure the refund of money. Depending on the nature of the incident, the victim may also file a claim in the civil court based on tort or unjust enrichment.

Calculation: Total amounts sent, refunded amounts (if any), transfer fees, and other provable direct damages.

Interest: In cases recognized as torts, the commencement date and type of interest must be determined based on the specific case and the legal basis of the claim.

3. Unauthorized Capital Market Activity (Administrative Fine)

In terms of individuals or entities that present themselves as investment firms but lack the required authorization, unauthorized capital market activities must also be investigated pursuant to Article 109/2 of the Capital Market Law.

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Yargıtay Jurisprudence: Precedent Decisions

Ruling	Incident and Legal Issue	General Principle
Court of Cassation 11th Criminal Chamber, E. 2025/2539, K. 2025/7914, D. 25.06.2025	Accepting money on various dates under the guise of Forex transactions and promises of earnings; demanding additional payments under the pretext of losses/negative balance	Acknowledgment that fraudulent financial gain was obtained by creating the appearance of investments through the company and digital instruments; the conviction has been upheld
Court of Cassation 11th Criminal Chamber, E. 2023/4771, K. 2024/7389, D. 03.06.2024	Investment promises via WhatsApp following the sharing of earnings receipts and photos on Instagram’s; demanding additional money under the pretext of taxes	The necessity of jointly investigating social media content, money transfers, and communication data; reversal of the decision rendered upon an inadequate investigation
General Assembly of Criminal Chambers of the Court of Cassation, E. 2020/394, K. 2022/122, D. 24.02.2022	A pre-existing debtor-creditor relationship and subsequent allegations of fraud	The causal link between the fraudulent conduct and the damage must be proven, specifically that the fraud existed prior to or at the time of the disposition of assets
Court of Cassation 11th Criminal Chamber, E. 2021/39567, K. 2025/3998, D. 08.04.2025	Claims of guaranteed stock market returns and computer program sales via Twitter	A thorough assessment must be made regarding qualified fraud committed by means of information systems.
Court of Cassation 2nd Criminal Chamber, E. 2025/4872, K. 2025/12513, D. 30.06.2025	Acquisition of information through a fake bank interface and money transfer without the victim's knowledge	If human free will has not been directed through deception, it constitutes theft via information systems rather than fraud.

Key Principles Derived from the Rulings:

1. A fake earnings screen or social media post alone is not sufficient; however, together with promises, correspondence, money transfers, account ownership, withdrawal restrictions, and additional payment requests, it may form a strong chain of evidence.
2. The initial intent must be investigated. Was a genuine investment planned when the money was received, or was the appearance of an investment merely a tool designed from the outset to obtain funds?
3. Each transfer carries separate significance. The initial investment, additional payments requested under the pretext of "tax/commission/lifting the freeze," and the rejection of withdrawal requests must be demonstrated in chronological order.
4. The mere use of a digital medium is not sufficient. The informatics system must have been used as a tool to fraudulently influence the victim's will.
5. Decisions of non-prosecution cannot be rendered with an incomplete investigation. The suspect's statements, bank account activities, messaging data, and account connections must be investigated.

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Evaluation of Evidence and Burden of Proof

Fact to be Proven	Principal Evidence	Practice Note
Portrayal of the suspect as an investment specialist	Social media profile screenshots, fake identification card, bank employee badge	Username, profile link, access date, and screen recording must be submitted
Promise of high returns and misrepresentation of facts	WhatsApp/Telegram chats, audio recordings, video calls	The entire chat must be submitted with date-time information and in the chronological order of the fraudulent acts.
Money remitting and transfer chain	Bank receipts, wire transfer slips, crypto wallet transfer records	Each receipt must be entered into the chronology table, and the IBAN and recipient information must be clearly visible
Fake investment panel and profit displays	Website URL’si, screenshots, screen recording, login credentials	Must be supported by the URL, access time, user account, and screen recording
Withdrawal restriction and additional payment request	Rejection messages, explanations regarding “tax”, “commission”, and “removal of block”	It is critical that these messages are presented with their date, source, and in chronological order
That the suspect is not an authorized institution	Capital Markets Board of Turkey license research, authorization status	Must be verified with the records of authorized institutions
Multiple victims and shared structure	Complaints of other victims, identical accounts, coordinated social media	The possibility of complicity or organized crime must be investigated

Principle of Substantiation: The following five questions must be answered in every narrative of events:

• When? – Date of the initial advertisement/message, each transfer date, and dates of additional payment requests
• Where or on which digital platform? – Instagram, WhatsApp, Telegram, fake website URL’s
• By whom? – Username, phone number, and bank account holder of the suspect
• With what statement or transaction? – “Guaranteed X percent return”, “tax/commission payment”, “unblocking”
• As a result of this, what payment was made and how did the loss occur? – Transfer amounts, non-refundable funds, and rejection of withdrawal requests

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Perspective of the Judge/Prosecutor: Evidence Required for Conviction

The main issue that must be proven to the judge or investigation authority is not simply the fact that the “victim lost money”; rather, it is that the funds were obtained through a fraudulent scheme, without any genuine investment intent from the outset or under the guise of a false investment.

Key headings to be emphasized:

• How initial contact was established and how the suspect introduced themselves,
• The content of the profit promise and whether it is unrealistic,
• Upon which fraudulent statement the victim made their initial transfer,
• How the money flow progressed among suspicious companies, third parties, or crypto wallets,
• Whether there is an auditable order, custody account, or investment record regarding the actual market transaction,
• The reasons why funds could not be withdrawn and why additional payments were continuously requested,
• Whether there are multiple victims, joint accounts, or coordinated social media activities.

Vulnerabilities to Avoid: A mere abstract statement such as “I sent money and could not get it back” makes it difficult to distinguish the matter from a private law dispute or a failed investment. The lawsuit initial contact, initial promise, initial transfer, request for additional payment, and withdrawal refusal you must substantiate with its chronology.

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Investigation and Litigation Strategy

1. Rapid Preservation of Evidence

Messages, profile links, voice recordings, bank receipts, screen recordings, and the payment chain must be preserved before they are deleted. Immediately after filing the application, the victim must back up crucial data and compare the versions submitted to the prosecutor's office with the original copies.

2. Chronological Narrative

The initial advertisement/message, initial promise, each transfer, each request for additional payment, withdrawal request, and refusal grounds must be written in chronological order. This list enables the prosecutor to see every action taken in furtherance of the crime.

3. Establishing Alternative Offense Qualifications

In the application, TCK m.158/1-f (informatics system); and depending on the specific case, m.158/1-l (impersonating an institution), m.158/3 (complicity/organization), and Law No. 6362 m.109/2 (unauthorized activity) must be set forth as alternatives.

4. Substantiating Investigative Requests

Instead of “All digital records should be investigated”, it must be clearly stated which IBAN, which telephone number, which username, which domain name, and which dates should be investigated. An application filed by a criminal defense attorney, points out the concrete method of investigation to the prosecutor.

5. Separation of Criminal and Compensation Remedies

It must be explained that the criminal investigation may be the subject of a public lawsuit, while the restitution claim may be subject to separate civil court applications. A criminal conviction does not automatically ensure the refund of money.

6. Post-Conviction Sanctions

The open prison execution process and sentence reduction opportunities must be known by the victim. Depending on the sentence execution status of the suspect convicted of qualified fraud, separate legal consequences may arise.

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Frequently Asked Questions

1. Within How Many Years Can a Person Who Received Forex Promises on Social Media File a Lawsuit?

Qualified fraud is not subject to a complaint; the victim can request an investigation at any time. However, prompt application is important due to the risk of digital data deletion. Nevertheless, the statute of limitations for filing a lawsuit is 15 years.

2. Can I Not File a Lawsuit if I State That I Recovered Part of the Money?

No. Partial repayment does not eliminate the existence of the fraudulent investment scheme. In fact, receiving additional money following the promise that “all the money can be withdrawn if a tax payment is made” constitutes a continuation of the crime.

3. Can a Lawsuit Be Filed If the Server of the Fake Investment Site Is in Another Country?

Yes. If the victim is in Turkey, the crime is considered to have been committed in Turkey. The identification of the suspect and international cooperation are separate matters; an investigation can be initiated.

4. If Convicted, Will the Money Be Refunded?

A criminal conviction does not automatically result in a restitution order. The victim must also file a compensation lawsuit in a civil court or submit a compensation claim within the criminal proceedings.

Can I Submit WhatsApp Conversations as Evidence?

Yes. However, the entire conversation must be submitted with date and time information, preserving its integrity rather than as selective screenshots.

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Conclusion

Forex fraud via social media is a type of crime that has increased with the advancement of technology and is frequently committed by organized structures. The victim filing an application with concrete evidence, the investigative authority conducting thorough research, and the court correctly applying the jurisprudence of the Court of Cassation (Yargıtay) can make it possible to secure a conviction and recover the funds.

However, not every forex loss constitutes fraud. It is essential to prove fraud, deception, initial intent, and the money flow through a strict chain of evidence. Criminal defense consultant coordinated applications ensure the effective protection of the victim's rights.

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