What happened?
On the morning of 14 October 2026, police in Istanbul’s Beşiktaş district took Richard James Schueler, known as Richard Heart, into custody (gözaltı in Turkish). Others were detained in the same operation; they are not covered here. The basis was an Interpol Red Notice issued at Finland’s request.
Until 17 October the detention rested on Turkish media reports, and crypto press described it as unconfirmed.
Who confirmed it?
Turkey’s Minister of Justice, Akın Gürlek, announced the operation in a post on X on 17 October 2026 at 06:15 UTC. According to the minister’s statement, as relayed by Turkish outlets:
- the operation was coordinated by the Istanbul Chief Public Prosecutor’s Office;
- it was carried out by the intelligence and financial-crimes branches of the Istanbul police, with support from MİT, Turkey’s national intelligence organisation.
How accurate is the minister’s description?
The minister described Schueler as wanted in the United States and Finland over an alleged crypto fraud of about $1 billion. The record shows something narrower:
- United States. The only US case is the SEC’s civil lawsuit. It was dismissed, the SEC chose not to amend, and judgment was entered in favour of the defendants on 6 May 2025. No US criminal case or US warrant is known.
- Finland. Helsinki police suspect aggravated tax fraud covering 2 June 2020 to 2 April 2024; on 14 October 2026 they put the avoided tax at about €280 million. The Helsinki District Court ordered Heart remanded in absentia in September 2024. Police also named a suspected assault from February 2021: the last official listing seen (June 2025) still included it, no source says it was dropped, and the Red Notice is reported to cover only the tax offence — so its status is open. No charges, trial or verdict exist.
- The “$1 billion” figure: we note that it matches the SEC’s allegation that more than $1 billion was raised. That allegation never became a court finding.
What is not known yet?
As of 17 October 2026:
- No court decision has been made public — no formal arrest (tutuklama), release or judicial control.
- No extradition request has been announced by Finland or Turkey. A Red Notice is a request to locate a person and provisionally arrest them pending extradition; it is not an arrest warrant.
- Turkish charges of its own: one Turkish outlet reports that “the investigation is continuing”, but no official charge document is public.
- Items reported as seized: Turkish media and a list attributed to the ministry describe items found at several addresses. The figures differ from outlet to outlet and no court document lists them, so this portal does not repeat them as facts.
- No statement from Heart, Heart’s lawyers or the PulseChain, HEX or PulseX accounts has been found.
No court anywhere has convicted Richard Heart of anything. An accusation is not a verdict.
What happens next?
The next facts to watch are an Istanbul court decision on custody, any extradition request from Finland and the Turkish procedure that would follow, any Turkish charges of its own, and statements from Heart’s lawyers or the Finnish authorities. The full record, with sources and verification dates, is on the legal timeline.