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Turkish authorities launched a fourth wave of operations against an alleged money-laundering network on Tuesday, detaining 76 individuals suspected of legitimizing criminal proceeds obtained through illegal betting, forex investment fraud, and other financial scams via exchange offices in Istanbul’s historic Grand Bazaar.
Istanbul Chief Public Prosecutor’s Office said authorities seized 31 vehicles and 74 real estate assets valued at approximately ₺335 million ($7.93 million).
According to the prosecutor’s statement, the latest arrests follow three previous operations targeting the same network.
Reports prepared by the Financial Crimes Investigation Board (MASAK) and expert analyses revealed that the illicit funds had been funneled through a structured organization built around shell companies and fake accounts opened under individuals’ names.
During the operation, police detained not only representatives of shell companies set up to facilitate money laundering but also officials from Grand Bazaar-based exchange offices and two firms, which prosecutors believe were established solely to convert criminal proceeds.
Officials said the network had established a parallel accounting system to track and coordinate money transfers, which helped disguise the origins of the illegal income.
Investigators found that the proceeds from illegal betting, investment, and cyber fraud schemes were integrated into a professional laundering system involving Türkiye-based electronic money and payment institutions, banks, currency-exchange offices, and cryptocurrency service providers.
The system allegedly aimed to give a legal appearance to funds obtained from criminal activities by moving them through multiple financial channels.
The prosecutor’s office said the inquiry into the laundering of criminal assets, illegal betting operations, and investment fraud continues "in a comprehensive and determined manner."
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