Richard James Schueler, the cryptocurrency promoter known as Richard Heart and founder of HEX, was reportedly detained Oct. 14 in a dawn raid on a residence in Istanbul’s Beşiktaş district, according to Turkish media reports. Authorities reportedly seized cash, luxury watches, firearms and electronic equipment, although published accounts differ sharply on the quantities recovered.
- Turkish police detain HEX founder Richard Heart during a dawn raid in Istanbul under an INTERPOL Red Notice from Finland.
- Authorities seize firearms, electronic storage devices, and up to four million dollars in cash alongside dozens of luxury watches.
- Heart faces potential extradition to Finland over tax evasion and assault allegations following the dismissal of US SEC civil charges.
Turkey’s state broadcaster TRT, reported that police detained a foreign national identified by the initials R.J.S. and his wife, identified as A.K. The report said Istanbul police intelligence and financial-crimes officers conducted the operation with support from Turkey’s National Intelligence Organization, known as MİT. The Turkish outlet Sözcü separately identified the man as Schueler and reported substantially larger seizure totals.
Details of the Reported Arrest and Seizure
According to TRT’s account, investigators recovered $600,000 in cash, 24 luxury watches, 20 gold bracelets, seven gold chain necklaces, 2,600 euros and 50,000 Turkish lira. The reported weapons included three handguns, four long guns, seven magazines and 1,360 rounds of ammunition. Officers also seized electronic equipment, including mobile phones, computers, graphics cards and storage devices. The suspects were taken to police headquarters for processing, the report said.
Sözcü described a substantially different haul, reporting $4 million in cash and 64 luxury watches, along with firearms and electronic devices. Habertürk, citing the Demirören News Agency, reported figures closer to TRT’s account, including $600,000 and 24 watches. The discrepancies have not been reconciled in the available reporting. No official inventory establishing the total value of the seized property was available in the sources reviewed, and ownership of every item has not been independently established.
The International Alert and Finnish allegations
The reported detention follows Finnish criminal investigations into Schueler, who is widely known in cryptocurrency circles as Richard Heart. Finnish public broadcaster Yle reported in September 2024 that authorities suspected him of aggravated tax evasion and assault. Investigators alleged that the tax case involved unpaid taxes potentially amounting to hundreds of millions of euros over several years. The allegations have not been established as findings of guilt.
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→ Submit a Press ReleaseIn December 2024, reports said INTERPOL had issued a Red Notice at Finland’s request. The notice was linked to allegations of aggravated tax evasion and an assault involving a 16-year-old. Europol’s wanted-person listing described an alleged attack in which the victim was pulled by the hair, dragged into a stairwell and repeatedly struck. These details concern the Finnish case and remain allegations.
An INTERPOL Red Notice asks law enforcement agencies worldwide to locate a person and provisionally arrest them pending extradition or similar legal proceedings. It is not an international arrest warrant. Each country determines what action to take under its own laws. The reported Turkish detention would therefore be a national law enforcement action potentially connected to Finland’s request, not evidence of a new Turkish fraud charge.
Earlier Seizures and the U.S. SEC case
In January 2025, Yle reported that Finnish police had seized about 20 luxury watches left at a residence in Espoo. Receipts and an expert assessment put their combined value at more than 2.6 million euros. Finnish investigators suspected Schueler of aggravated tax evasion and said he had left the country. That seizure was part of the Finnish investigation and was separate from the property reportedly recovered in Istanbul.
Schueler also faced a civil enforcement lawsuit from the U.S. Securities and Exchange Commission over HEX, PulseChain and PulseX. On Feb. 28, 2025, a federal judge dismissed the case after finding that the SEC had not established a sufficient basis for U.S. jurisdiction. The agency did not file an amended complaint by April 21, 2025, ending the case. The dismissal did not resolve the Finnish criminal allegations, which involve separate proceedings and alleged conduct.
Statements and What Happens Now
As of publication, no direct statement from Schueler or his legal representatives addressing the reported Istanbul detention was located in the sources reviewed. Nor was a detailed Turkish judicial filing or an official statement confirming the final seizure inventory available. Turkish media reported that the suspects had been taken for police processing, but the available accounts did not establish whether a court subsequently ordered continued detention or authorized extradition proceedings.
The next steps depend on decisions by Turkish authorities and the status of Finland’s request. Officials would need to clarify the legal basis for the reported detention and whether extradition proceedings have begun. The precise seizure totals also remain unresolved. Until Turkish authorities release further information or judicial records become available, the circumstances of the operation and the status of the suspects’ cases remain subject to confirmation.
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