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An Istanbul court has sentenced former DenizBank branch manager Secil Erzan to over a century in prison for orchestrating a fraudulent investment scheme that deceived prominent Turkish football figures and businesspeople.
The scheme first came to light in 2023 when businessman Bulent Ceviker reported that his $2 million investment, promised with high returns, was never repaid, prompting a bank investigation and criminal complaint.
Prosecutors alleged in the indictment that Secil Erzan, who served as the branch manager of DenizBank’s Istanbul Florya branch, persuaded multiple individuals to invest, including coach Fatih Terim, former national team player Arda Turan, goalkeeper Fernando Muslera, and former midfielders Selcuk Inan and Emre Belozoglu, ultimately collecting funds from 18 people, exceeding $25 million.
The court found Erzan guilty of multiple counts of aggravated fraud, forgery of private documents, and breach of trust against 27 plaintiffs, handing her a total prison sentence of 102 years and four months, alongside an administrative fine of ₺753,880 ($17,761.61).
Several other defendants were also sentenced in connection with the case, with prison terms ranging from 2.5 years to over 15 years. In total, six individuals received prison sentences, while others named in the indictment, including the bank’s then-senior executives Mehmet Aydogdu and Hakan Ates, along with three additional individuals, were acquitted.
According to the prosecutors' indictment, Erzan managed several branches of DenizBank over a 13-year period, including posts in Corlu, Bahcesehir, Florya, and Levent, with the Florya location placing her in close contact with Galatasaray’s Metin Oktay Training Facilities.
Leveraging this proximity, Erzan allegedly approached several well-known football figures, promoting a fictitious high-yield investment vehicle often referred to in Turkish media as a "secret fund." She claimed that respected individuals, including former national team coach Fatih Terim and DenizBank CEO Hakan Ates, were already participants.
The scheme promised generous returns and was based on verbal assurances and forged bank documents bearing official stamps and wet signatures. According to the court’s findings, there was no formal record or legitimate basis for the alleged investment fund. Prosecutors stated that Secil Erzan created false documents to support the appearance of the fund, personally affixing DenizBank’s seal and wet signature before delivering them to investors, acting with clear intent to defraud.
The indictment sought a prison sentence ranging from 109 to 358 years for Erzan, citing charges of forgery of private documents and aggravated fraud committed during the course of commercial activities while acting as a corporate officer.
DenizBank had previously stated that it launched an internal investigation and filed a separate criminal complaint after being alerted by one of the victims in April 2023.
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