Richard Heart, the founder of HEX and PulseChain, was reportedly detained with his wife in Istanbul on Oct. 14, according to İhlas News Agency (IHA). The agency linked the police operation to an Interpol Red Notice requested by Finland.
Heart, whose legal name is Richard James Schueler, and his wife, identified in the report as A.K., were taken into custody that morning in the Beşiktaş district, IHA said in an account carried by Daily Sabah. The reported operation took place at an address police had been monitoring.
The Finnish allegations date back to 2024. Yle reported that Finnish police suspected Schueler of gross tax evasion and assault, and that he had been remanded in custody in absentia on Sept. 13 that year. The decision was made without him being present, rather than following an arrest in Finland.
IHA said Istanbul police’s intelligence and financial-crimes units carried out the operation with support from Turkey’s National Intelligence Organization, MİT. Its account described technical and physical surveillance before officers moved in at the Beşiktaş address on Wednesday morning.
The agency reported seizures of cash, gold jewelry, watches and electronic devices, in an account carried by Star. It also listed three pistols and four long-barreled rifles, along with cash in U.S. dollars, euros and Turkish lira. These were reported search findings, not a determination of whether the seized property was linked to any offense.
INTERPOL’s Red Notice system asks national police to find and temporarily detain a wanted person while legal processes such as extradition or surrender are pursued. Countries decide how to act under their own laws. A Red Notice does not function as an international arrest warrant, and subjects sought for prosecution remain presumed innocent.
Heart previously faced a separate U.S. civil securities lawsuit. In its July 31, 2023 announcement, the SEC alleged that Heart, HEX, PulseChain and PulseX conducted unregistered crypto offerings raising more than $1 billion. The regulator also alleged that Heart and PulseChain diverted at least $12 million for luxury purchases.
Judge Carol Bagley Amon of the U.S. District Court for the Eastern District of New York granted dismissal on Feb. 28, 2025. The court found deficiencies in personal jurisdiction and the pleaded U.S. transactions or conduct, while giving the SEC an opportunity to amend its complaint. That ruling did not decide the Finnish suspicions.
IHA reported that the investigation concerning Schueler and his wife was continuing. Its account did not establish a completed extradition to Finland.
