Istanbul operation uncovers major counterfeit currency scheme

ISTANBUL

Gendarmerie forces have seized counterfeit foreign currency worth approximately 4.5 billion Turkish Liras (around $140 million) in Istanbul, detaining five foreign nationals in connection with the operation, Interior Minister Ali Yerlikaya has announced.

The raids on May 29 uncovered large quantities of fake foreign banknotes as well as materials used in their production, Yerlikaya wrote on X on May 30.

A fully equipped printing press used for manufacturing the counterfeit currency was exposed.

Yerlikaya noted that five foreign suspects were apprehended without giving further details on the origin of the detainees. 

In late 2024, Turkish financial circles witnessed growing anxiety over the rising circulation of counterfeit $50 and $100 bills. Nearly undetectable fake notes were reportedly slipping past outdated money-counting machines, media reports said at that time.

Multiple incidents of fraud at bank branches prompted an urgent response from the banking sector. A warning letter issued by the Banks Association of Türkiye (TBB) led to immediate measures, with banks instructing staff to exercise heightened vigilance in handling physical U.S. dollar transactions.