Turkish Media Report Richard Heart Detained in Istanbul Under Finnish Interpol Notice
Turkish media report that Hex and PulseChain founder Richard Heart was detained with his wife in Istanbul under an Interpol notice requested by Finland. Turkish authorities have not independently confirmed the detention or reports of seized property, and no extradition outcome has been established.
- Finland’s notice concerns alleged aggravated tax fraud.
- An Interpol Red Notice is not an international arrest warrant.
- Media accounts of seized cash and valuables conflict.
- The separate U.S. SEC case was dismissed on jurisdictional grounds.
What has been reported about the Istanbul detention?
Turkish news agency IHA and Daily Sabah reported that Heart, identified in SEC materials as Richard Schueler, was detained with his wife at a residence in Istanbul’s Beşiktaş district. According to IHA, Turkey’s National Intelligence Organization, MİT, supported an operation involving Istanbul police intelligence and financial-crimes units. The city’s Chief Public Prosecutor’s Office coordinated it.
The reports say the operation took place on a Wednesday morning but do not give the calendar date. The available reporting does not include a statement confirming the detention from Turkish police or prosecutors. Turkish media reports of Heart’s arrest have also been carried by CoinDesk.
Accounts of the property allegedly seized differ. CoinCodex’s summary of Turkish media reports puts cash estimates between about $600, 000 and $4 million. It also says one account listed 64 luxury watches. Other reported items included firearms and electronics. Turkish authorities have not released an official inventory, so the amounts and full list remain unconfirmed.
What does Finland’s Interpol notice mean?
Finland requested the Red Notice in December 2024 over alleged aggravated tax fraud. The Defiant reported that Interpol’s public record names Finland as the requesting jurisdiction and aggravated tax fraud as the stated offense.
A Red Notice asks police in member countries to locate someone sought by a jurisdiction. It is not an international arrest warrant, a finding of guilt or an automatic order to extradite someone. National authorities decide what action to take under their own laws.
CoinCodex, citing Finnish broadcaster Yle, reported that investigators are examining suspected tax matters linked to activity between June 2020 and April 2024. The reported allegations include failing to file business tax returns and leaving information out of personal declarations. The same reports put suspected unpaid taxes at as much as hundreds of millions of euros. That is an alleged tax exposure, not an established debt or a court finding.
Secondary reporting has also said Finnish authorities are seeking Schueler over a separate assault allegation. The available information does not establish the allegation’s procedural status, and he has not been convicted of it.
A Red Notice, a reported detention, a formal extradition proceeding and an extradition decision are distinct steps. The notice has been reported, as has a detention by Turkish media. The available information does not establish that extradition proceedings have begun or that Schueler will be sent to Finland. Another request for an Interpol Red Notice in a crypto-related case shows how notices can arise in different jurisdictions without resolving the underlying allegations.
How does the SEC case fit in?
Finland’s allegations are separate from the U.S. Securities and Exchange Commission’s civil case. On July 31, 2023, the SEC charged Heart and three unincorporated entities he controlled, Hex, PulseChain and PulseX, with conducting unregistered crypto-asset securities offerings.
The SEC alleged that the offerings raised more than $1 billion. It also alleged that Heart and PulseChain misappropriated at least $12 million for luxury purchases, including sports cars, watches and The Enigma, a 555-carat black diamond. These were claims in a civil complaint, not findings of liability.
On February 28, 2025, a federal judge dismissed the case for lack of personal jurisdiction. The court concluded it did not have the required legal authority over the defendant in that case. The dismissal did not decide whether the SEC’s allegations were true or false, and it did not resolve the Finnish matters. Heart’s legal troubles have already cast a shadow over Hex and crypto markets.
What does the reported detention mean for token holders?
HEX is the token associated with Heart’s Hex project, while PLS is PulseChain’s native token. Both projects have a prominent founder figure, so detention reports involving Heart may matter to holders before any allegation is resolved. That is a risk consideration, not evidence of misconduct or a prediction about token prices.
Price-drop figures circulated after the detention reports are not included here because the available information does not identify a verifiable data provider, measurement window or timestamp. Even a confirmed decline after a headline would show timing, not prove the headline caused it.
Founder dependence is a practical test of claims of decentralization. If a project’s identity, communication or perceived direction relies heavily on one person, events affecting that person can become a market risk, as seen in other crypto projects facing an Interpol-related investigation, regardless of the eventual legal outcome.
Key questions and answers
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Why did Finland request a Red Notice?
It concerns alleged aggravated tax fraud. The allegations, including reported tax figures, have not been established as facts in court.
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Is an Interpol Red Notice an arrest warrant?
No. It asks law enforcement to locate a person and may support action under national law, but it is not an international arrest warrant.
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Has Turkey confirmed what was seized?
No official inventory is available in the reporting at hand. Media accounts differ on the cash estimates, watch count and other items.
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Did the SEC court find Heart liable?
No. The SEC’s claims were allegations, and the case was dismissed for lack of personal jurisdiction rather than decided on the merits.
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Is Schueler being extradited to Finland?
No extradition outcome has been established. A Red Notice alone does not guarantee extradition.
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Do the reports establish why HEX or PLS prices moved?
No. The available information does not verify specific price changes or show that the detention reports caused any market movement.
The established legal context is narrower than the headline claims: Finland requested a notice over alleged tax fraud, Turkish outlets reported a detention, and the reported seizure details remain unverified. The SEC case ended without a ruling on the allegations’ merits. What happens next in Turkey or Finland remains unresolved.
