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Turkish authorities detained 60 suspects in Istanbul for allegedly running a cross-border illegal payment network that laundered more than ₺1.3 billion (about $31 million) through fake point-of-sale (POS) transactions and unauthorized foreign bank cards.
The investigation, conducted by the Istanbul Chief Public Prosecutor’s Office's Anti-Money Laundering Crimes Bureau, focuses on individuals and companies based in the Laleli area of the Fatih district — a well-known commercial hub. Prosecutors accuse the group of monopolizing money transfers with several countries, including Libya, through various payment systems under corporate fronts.
Authorities allege that the network obtained foreign bank cards through illegal means and used them in domestic POS devices for fictitious purchases. These "phantom transactions" generated a total transaction volume exceeding ₺47 billion ($1.12 billion), from which suspects earned commissions amounting to more than ₺1.3 billion ($31 million) in illicit income.
Investigators indicate the funds were disguised as legitimate business revenue by issuing invoices, recording the proceeds in official ledgers, and channeling the money through company accounts to create the appearance of lawful commercial activity.
The suspects face charges under multiple laws, including "establishing a criminal organization," "usury," "laundering assets obtained through crime," and violating Türkiye’s Payment and Securities Settlement Systems, Payment Services, and Electronic Money Institutions Law. Investigators said the case also falls under legislation aimed at preventing the financing of terrorism.
A criminal court has also approved the confiscation of 255 real estate properties, 60 vehicles, 24 company partnership shares, as well as suspects’ bank accounts and cryptocurrency holdings.
Officials said the investigation remains ongoing as police continue to track down the remaining members of the network and trace the flow of the illicit funds.
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