Ponzi scheme founders face over 45,000 years in prison

Ponzi scheme founders face over 45,000 years in prison

ISTANBUL
Ponzi scheme founders face over 45,000 years in prison

The founders of Çiftlik Bank (Farm Bank), a Ponzi scheme that defrauded around 132,000 individuals of over 1.1 billion Turkish Liras (about $30 million), have been sentenced to a prison term exceeding 45,000 years.

The case is one of the country’s most staggering fraud trials, involving two brothers, Mehmet Aydın and Fatih Aydın, launching an online scheme in 2016, inspired by the FarmVille social media game. The brothers lured the victims into investing their money in virtual animals and crops, as they promised high rates of return by directing the money raised into an actual agricultural investment.

At the hearing, the Aydın brothers faced the charges of forming a criminal organization, laundering assets obtained via illegal activity and engaging in fraud through information system. The other 18 defendants also received prison terms of various durations.

In his defense, Fatih Aydın noted that he had already presented his plea, requesting once more to be released. “I am not a member of any organizations. You heard what the defendants had to say. I am unknown to the majority of them. The majority of them are also unknown to me.”

Mehmet Aydın also claimed in his defense that he did not intentionally deceive anyone.

He claimed that his assets had been seized and that this was why he was unable to pay the damages for the victims. "My seized money is at interest; the damages can be covered with that," he stated.

"I did not provide the complainants any misleading information. I demand to be acquitted,” he said in his last remarks prior to the verdict's announcement.