Former bank executive sentenced to 102 years in high-profile fraud case

ISTANBUL

Seçil Erzan, a former bank executive accused of orchestrating a large-scale financial fraud involving prominent figures in Turkish football, has been sentenced to 102 years and four months in prison, alongside a judicial fine of 767,000 Turkish Liras ($18,000).

Erzan, who allegedly promised high-yield “special funds” to investors, was accused of defrauding 41 individuals, including internationally recognized footballers such as Arda Turan, Fernando Muslera, Emre Belözoğlu, Selçuk İnan and coach Fatih Terim.

The two-year trial concluded with the court imposing separate sentences for each alleged victim: Turan’s case resulted in eight years and four months, Belözoğlu’s received six years and three months and Muslera’s three years and seven months. Erzan’s fraudulent attempt targeting Terim resulted in a ten-month sentence, which was suspended.

During the proceeding, Erzan maintained her innocence, claiming she never established a fund, was coerced into handling money and did not deceive anyone. She appealed to the court for leniency, asserting her desire for a fair trial and expressing concern about her elderly mother.

Co-defendants, including former DenizBank executives Hakan Ateş and Mehmet Aydoğdu, were acquitted, as were several other individuals involved in the case.

Other defendants received varying sentences for “aggravated fraud” and related charges, with penalties ranging from over 15 years to several months in prison, depending on the number of victims affected.

Erzan’s alleged scheme reportedly involved defrauding investors of around $44 million by promising substantial returns from a purported secret fund. Testimones during the trial detailed partial payments to some investors but no full return of principal or promised benefits.

The prosecution has originally sought a sentence exceeding 200 years, citing charges of aggravated fraud and forgery of official documents. Erzan has been in custody since April 2023. DenizBank, meanwhile, has denied responsibility for the financial losses suffered by the victims.