Richard Heart detained in Istanbul, according to Turkish media reports. The reported operation occurred on October 14, 2026. Turkish police and intelligence units reportedly carried out the detention.
Richard Heart detained in Istanbul, reports say
Turkish newspaper Sözcü reported the operation. Officers reportedly detained Heart in Istanbul’s Beşiktaş district. His legal name is Richard James Schueler. The operation reportedly involved Turkey’s National Intelligence Organization and Istanbul police.
Authorities reportedly seized about $4 million in cash. They also seized 64 luxury watches. Reports also mention electronic equipment and firearms. Other accounts mention drones and gold jewelry.
However, official records do not confirm a new criminal indictment. No court order confirming continued detention was independently available. Therefore, these figures remain attributed to Turkish media.
Why Finland sought Richard Heart
Finland investigated Heart before the reported Istanbul operation. In September 2024, Finnish police disclosed a tax fraud investigation. Finland’s public broadcaster Yle reported the case.
Detective Harri Saaristola said the investigation covered several years. Police examined income tied to crypto businesses. Heart allegedly developed and promoted those businesses while living in Finland.
Investigators alleged Heart failed to provide required tax filings. They also alleged he omitted information from personal tax declarations. Authorities described suspected unpaid taxes as hundreds of millions of euros. That figure was an investigative allegation, not a final judgment.
Finnish police also investigated an alleged assault. The allegation involved a 16-year-old. The reported accusation says Heart assaulted the teenager. No conviction was established in the materials reviewed.
In December 2024, Interpol issued a Red Notice at Finland’s request. A Red Notice seeks a person’s location and provisional arrest. However, it is not an international arrest warrant. Countries decide how to respond under their own laws.
SEC lawsuit ended without liability finding
Heart also faced a U.S. SEC lawsuit. On July 31, 2023, the SEC charged Heart and three projects. Those projects were HEX, PulseChain, and PulseX. The SEC alleged unregistered securities offerings.
The regulator said the offerings raised more than $1 billion. It also alleged Heart misappropriated at least $12 million. That money allegedly bought luxury goods. The purchases allegedly included sports cars and watches. They also included a 555-carat black diamond called The Enigma.
Heart challenged the SEC’s jurisdiction. On February 28, 2025, U.S. District Judge Carol Bagley Amon dismissed the case. The court found the SEC did not establish personal jurisdiction. Heart lived in Finland during the relevant period. The judge also found domestic transactions were not adequately established.
The SEC had a chance to file an amended complaint. On April 21, 2025, the SEC said it would not amend. Therefore, the U.S. case ended without a liability judgment.
HEX and PulseChain prices fall after detention reports
Crypto tokens tied to Heart declined after the reports. Market coverage on October 14 recorded HEX falling about 25%. The token already traded far below its 2021 peak.
PulseChain’s native token, PLS, fell even harder. Some reports placed its 24-hour loss between 28% and 35%. CoinmarketCap data showed a 28.14% daily fall. It also showed a 29.42% decline over seven days.
What remains unconfirmed
Turkish authorities have not publicly detailed extradition plans. They also have not announced a court hearing date. Formal new charges against Heart remain unconfirmed.
The status of any Finnish extradition request remains unclear. The treatment of reportedly seized property also remains unconfirmed. Heart’s custody arrangements were not confirmed in official records reviewed.
