In one of the largest financial crime crackdowns in recent Turkish history, authorities have arrested dozens of individuals—among them employees from prominent banks and a fintech company—accused of orchestrating a massive money laundering operation valued at over $1.2 billion.
The Istanbul Chief Public Prosecutor’s Office revealed that arrest warrants were issued for 85 individuals, including 16 staff members from Denizbank, Şekerbank, and the digital payment firm Ozan Elektronik Para. The allegations center on complex schemes involving high-value financial transactions carried out through point-of-sale (POS) terminals across hundreds of businesses between 2022 and 2024.
A July 2024 report by Turkey’s Financial Crimes Investigation Board (MASAK) raised red flags after detecting synchronized and unusually frequent same-amount transactions occurring late at night—often outside of the companies’ declared working hours. Authorities believe this was a deliberate attempt to disguise illegal activity under the cover of regular business operations.
Investigators found that 312 POS machines tied to 21 front companies were used to conduct TL 47.5 billion (approximately $1.18 billion) in transactions, primarily through foreign credit cards. These machines were reportedly funneled through financial infrastructure provided by Denizbank, Şekerbank, and Ozan Elektronik Para, suggesting a coordinated effort to create the appearance of legitimate financial activity.
The legal case is being pursued under multiple statutes, including laws governing credit card use and regulations specific to payment and electronic money institutions. Officials have confirmed that charges may include organized financial crime, breach of financial laws, and direct involvement in laundering illicit funds.
This operation not only marks a milestone in Turkey’s financial crime enforcement but also casts a spotlight on the vulnerabilities within banking systems—even those with established compliance procedures. It serves as a reminder of how sophisticated laundering tactics can exploit loopholes within regulated sectors.
Authorities continue to investigate the full extent of the network’s reach, signaling a zero-tolerance stance on financial misconduct at both institutional and individual levels.
