A criminal network allegedly laundered nearly 40 billion Turkish Liras through jewelry stores in Istanbul’s Grand Bazaar and digital payment providers, according to a 1,548-page indictment prepared by the Istanbul Chief Public Prosecutor’s Office.
The indictment named 504 suspects accused of using shell companies, bank accounts, foreign exchange offices, POS terminals and cryptocurrency transactions to disguise illicit proceeds.
Prosecutors alleged the group established shell firms to channel illegal betting revenues into the financial system and managed the vast money flow through a proprietary digital accounting infrastructure known as “M80.”
The suspects are also accused of converting the proceeds into cryptocurrencies for transfer abroad and luring victims into fraudulent investment schemes with promises of high returns.
Prosecutors are seeking prison sentences of up to 34.5 years for alleged ringleader Türker Ak and up to 31 years for alleged network manager Murat Dönmezoğlu.
