A sweeping investigation targeting money laundering operations linked to İstanbul’s historic Grand Bazaar has resulted in the detention of 68 suspects, authorities announced. The operation, carried out across 15 provinces, followed detention orders issued for 80 individuals.
The Grand Bazaar, one of Istanbul’s most iconic landmarks, is also a significant financial center where foreign exchange and gold prices are often set.
In a statement released by the İstanbul Chief Public Prosecutor’s Office, the Bureau for the Prevention of Terror Financing and Money Laundering said the latest operation marked the fourth phase of the ongoing "Grand Bazaar and Venus" investigation.
The statement noted that "ongoing investigations have revealed that money obtained through Forex fraud, cyber scams, and illegal online betting sites was funneled into the legal banking system via shell companies and personal bank accounts. These funds were then transferred to crypto companies and moved abroad."
The investigation led to detention orders for 80 individuals, with operations carried out in İstanbul, Adana, Ankara, Bursa, Gaziantep, Şırnak, Şanlıurfa, Osmaniye, Sakarya, Kayseri, Kırıkkale, Rize, Manisa, Muğla, and Samsun.
Seized assets
Authorities also seized assets believed to have been acquired through criminal proceeds. These included 28 vehicles, 41 properties, 11 residences, and 8 business premises linked to the owners of the identified shell companies and money couriers.
The total value of the seized assets in this latest operation is reported to be 340 million liras. With this fourth phase, the total value of seized assets in the broader investigation is nearing 1 billion liras.
In a previous operation in November, 62 suspects were detained, 26 were arrested, and assets worth 335 million liras were seized. Another round in April resulted in asset freezes on properties and vehicles valued at 250 million liras.
In August, authorities conducted a separate raid on 23 shops in the Grand Bazaar, seizing diamonds and antiques worth 30 million US dollars in a crackdown on illicit gem trading. (HA/VK)
