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Vice chair of Grand Bazaar board among 37 detained over money-laundering

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Authorities detained 37 suspects, including the vice chairman of the Grand Bazaar board of directors, in an operation spanning 12 Turkish provinces over allegations of laundering illegal funds through shell companies.

İstanbul police, acting on the order of the the Istanbul Chief Public Prosecutor’s Office, launched the operation following an investigation into financial crimes linked to money laundering and fraud. Authorities identified eight primary companies operating under the same umbrella in the Grand Bazaar that allegedly used 93 shell companies to integrate illicit funds — primarily proceeds from fraud and illegal online gambling — into the banking system.

The investigation revealed that approximately 9 billion Turkish lira ($250 million) in illegal funds had been funneled through these entities. Police conducted technical and physical surveillance before launching simultaneous raids in 12 provinces, resulting in the detentions.

Among those detained was F.Ö., the vice chairman of the Grand Bazaar board of directors.

Authorities are continuing to investigate the financial networks involved.

A recent report by Turkey’s Financial Crime Investigation Authority (MASAK) estimates that illegal betting and gambling in İstanbul alone generate approximately 400 billion lira ($11.1 billion) in illicit funds annually.

Experts say that these operations, often run through digital platforms and proxy bank accounts, not only fuel organized crime but also threaten Turkey’s financial credibility on the global stage.

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