The Turkish newspaper PaTurkey reported on Thursday that Turkish authorities have launched a comprehensive investigation into money laundering involving suspicious point-of-sale transactions worth over 47.5 billion Turkish lira, and have issued arrest warrants for 85 individuals, including employees from DenizBank, ŞekerBank, and the fintech company Ozan Elektronik.
According to a statement from the Istanbul Chief Public Prosecutor’s Office, the investigation targets individuals and legal entities suspected of committing a wide range of financial crimes, including:
- Establishing a criminal organization
- Usury
- Violating laws related to credit cards and payment services
- Laundering criminal proceeds
The newspaper noted that 93% of the activity involved repeated same-day transactions using multiple cards for identical amounts, often conducted at night — raising suspicions due to inconsistencies with the companies’ declared business data and appearing highly coordinated.
Authorities reportedly conducted simultaneous raids in six provinces, arresting 16 employees from DenizBank, ŞekerBank, and Ozan Elektronik. They seized luxury watches, gold jewelry, valuable assets, 47 vehicles, 84 properties, and shares in 10 companies, believed to be tied to illicit proceeds.
Investigators uncovered the systematic misuse of point-of-sale devices, which enabled the generation of substantial illicit commission revenues.
According to Turkey’s Financial Crimes Investigation Board (MASAK), a significant portion of the proceeds was later laundered through various channels by the suspects and affiliated companies. Most of the POS devices involved have now been reported.
CHP Deputy Chair Özgür Karabat publicly criticized the investigation, accusing authorities of limiting its scope and shielding high-ranking banking officials. He claimed the actual volume of transactions far exceeds the official figure of 47.5 billion TL, possibly surpassing $120 billion, and asserted that the scheme began in 2019, not 2022 as officially stated.
“The U.S. Is Using the Scheme as Diplomatic Leverage”
The paper also revealed that the money laundering network operated primarily through Libya and Iraq, and that the United States was fully aware of the transactions — potentially using this information as diplomatic leverage against Ankara.
What’s most concerning, according to the paper, is that Washington has access to all related data and could easily use this scandal as a bargaining chip.
