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Turkish authorities have issued arrest warrants for 85 individuals, including employees of two private banks and a fintech company, as part of an investigation into an alleged money laundering network, according to media reports.
The probe, led by the Istanbul Chief Public Prosecutor’s Office, centers around allegations of organized criminal activity, usury, violations of banking and electronic payments regulations, and the laundering of assets derived from criminal activity.
The investigation targeted individuals and legal entities suspected of violating the Law No. 5464 on Bank and Credit Cards and Law No. 6493 on Payment and Electronic Money Institutions, Anadolu Agency (AA) reported.
The coordinated operation took place on July 8 across six provinces, the report said.
Among the suspects are 16 employees from Denizbank, Şekerbank and Ozan Elektronik Para.
The probe gained momentum following a July 8, 2024 report from the Financial Crimes Investigation Board (MASAK), which uncovered suspicious transaction patterns involving a total volume exceeding TL 47.5 billion ($1.18 billion) between 2022 and 2024.
According to the MASAK report, the transactions were processed via 312 POS terminals registered to 21 different companies. Nearly all of the transactions were conducted using foreign credit cards, with the majority consisting of same-day, same-amount charges across multiple cards.
A large proportion of these activities reportedly occurred at night, and investigators found a clear mismatch between the transaction times and the firms’ stated business operations.
Moreover, the POS devices were predominantly provided by Denizbank, Şekerbank and Ozan Elektronik Para. Authorities allege the POS infrastructure was used in a deliberately structured manner to give the impression of legitimate commercial activity.
Denizbank is still reeling from an alleged Ponzi scheme targeting high-profile football players. A former branch manager is accused of defrauding players, including Arda Turan, a former Barcelona midfielder, and Uruguayan Galatasaray goalkeeper Fernando Muslera.
Denizbank has denied any role in wrongdoing.
The lender got a new CEO this January after Hakan Ateş stepped down after 27 years at the helm. He was succeeded by Recep Baştuğ, a former BBVA executive.
Ateş was also indicted for his alleged role in the alleged Ponzi scheme. The court later returned the indictment to prosecutors, citing insufficient evidence. Ateş has repeatedly denied the allegation.
