HEX, Pulsechain and Pulsex founder Richard Heart was reportedly detained during an early-morning police raid in Istanbul on 14 October 2026, with Turkish media reporting the seizure of luxury watches, firearms, electronics and cash.
Heart, whose legal name is Richard James Schueler, was located at a residence in the upmarket Besiktas district after being traced by Turkey’s National Intelligence Organization (MIT), according to Turkish reports.
He was reportedly detained alongside a woman identified as his wife, A.K., during an operation involving Istanbul police and coordinated with the Istanbul Chief Public Prosecutor’s Office. Financial crimes investigators, Interpol personnel and special operations officers were also reported to have taken part.
The reports were published by Turkish outlets Sozcu, Karar and Takvim. They referred to Schueler, 47, as “Balina James”.
The reported detention follows an Interpol Red Notice requested by Finnish authorities in December 2024. However, neither Turkish nor Finnish officials had independently confirmed the detention in publicly available statements at the time of publication.
Watches, weapons and cash
Turkish media reports described an extensive collection allegedly found at the property, including 53 Rolex watches and 11 Patek Philippe timepieces. Gold jewellery, computers, storage devices and equipment linked to cryptocurrency activity were also reportedly seized.
The inventory allegedly included pistols, long guns, ammunition and magazines. Reports differed over the amount of cash discovered, with some citing about $4 million, while others listed $600,000, 2,600 euros and 50,000 Turkish lira.
Images circulated by Turkish journalists appeared to show stacks of banknotes, watches and electronic equipment. The precise contents, ownership and value of the items have not been independently authenticated.
Heart’s legal problems began several years ago in Finland, where authorities investigated allegations of aggravated tax evasion and assault. An arrest warrant was later issued in absentia.
The tax case concerns alleged unpaid liabilities linked to substantial cryptocurrency-related income. The separate assault allegation relates to an incident involving a minor in 2021.
Finnish investigators previously seized about 20 luxury watches, estimated to be worth roughly $2.6 million, from a property in Espoo. Heart was subsequently placed on Europol’s most-wanted list.
In the United States, the Securities and Exchange Commission accused Heart and entities linked to HEX, Pulsechain and Pulsex in July 2023 of carrying out unregistered securities offerings that raised more than $1 billion.
The SEC also alleged that at least $12 million was used for luxury purchases, including cars, watches and a 555.55-carat black diamond called “The Enigma”.
The civil case was dismissed in 2025 because of insufficient jurisdictional connections to the United States. The decision did not resolve the allegations on their merits.
The Turkish reports leave unresolved whether formal charges will follow, whether extradition proceedings will begin and what will happen to the items reportedly confiscated.
