Police have detained 76 suspects in a large-scale operation targeting an alleged money laundering network centered in İstanbul’s historic Grand Bazaar (Kapalıçarşı), one of the country's most important financial and commercial hubs.
The investigation, which spanned 10 provinces and was led by financial crime units, focused on illicit proceeds from illegal betting, forex investment scams, and cyber fraud, according to a public statement released by the İstanbul Chief Public Prosecutor’s Office.
These operations, often based in Cyprus, are believed to collect bets placed in Turkey through payment services or by renting individuals’ bank accounts, and then funnel the money back into the system through various channels.
Prosecutors allege the suspects used shell companies and currency exchange offices to funnel and disguise criminal funds.
According to a report by the Financial Crimes Investigation Board (MASAK), an accounting system had been established to manage the flow of illicit funds through a network of fake companies and individual accounts set up under false names.
The funds were allegedly laundered using electronic money institutions, banks, currency exchanges, and crypto asset service providers operating in Turkey.
In line with MASAK’s findings, authorities seized assets including 31 vehicles and 74 properties, valued at a total of 335 million Turkish liras (~7.9 million US dollars).
Recent operations
Recently, several large-scale investigations have been launched into betting activities and money laundering in Turkey.
In a separate probe, hundreds of referees and football players are under investigation for possible involvement in betting. The investigation focuses on legal betting platforms and involves stakeholders who are prohibited from betting.
Süper Lig club president, referees formally arrested for alleged match fixing
Additionally, two business conglomerates, Can Holding and Ciner Holding, have been placed under state control in September due to money laundering allegations. Ciner group also has investments in football, owning the Süper Lig side Kasımpaşa.
Media conglomerate Can Holding seized in major financial crimes investigation
In May, Papara, one of Turkey’s most widely used payment platforms, was also seized as part of an operation over allegations of laundering illegal betting funds.
(VK)
