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Authorities in Türkiye on Monday launched a wide-reaching investigation into IQ Money Payment Services and Electronic Money Inc. over allegations that the company facilitated ₺155 billion ($3.66 billion) in large-scale illegal betting and aggravated fraud activities through systematic, high-frequency financial transactions.
As part of the probe, 26 suspects have been detained, and the company’s assets have been seized, the Istanbul Chief Public Prosecutor’s Office announced.
According to a statement from the prosecutor’s office, the probe is being led by the Bureau for the Investigation of Terror Financing and Money Laundering, and the charges center on the formation of a criminal organization, violations of Türkiye’s betting legislation, aggravated fraud, and laundering assets derived from criminal activity.
The Financial Crimes Investigation Board (MASAK), Türkiye’s financial intelligence unit, identified suspicious patterns in IQ Money’s operations. Its analysis concluded that the transactions did not reflect typical economic behavior, citing irregularities such as high-frequency activity within short timeframes and disproportionate volumes between deposits and withdrawals.
Transaction descriptions frequently contained terms such as "bet," "gambling," and "fraud." MASAK determined there was strong suspicion that approximately ₺78 billion of the company’s processed funds were linked to illegal betting, fraud, and money laundering.
Despite having its operating license officially revoked by the Central Bank of the Republic of Türkiye (CBRT) on November 22, 2023, IQ Money allegedly continued to provide financial and payment services. The company reportedly conducted numerous transactions suspected of involving fraud and illegal betting, often routing them through senior executives’ personal accounts to obscure their origin.
Regulators also stated that the company obstructed audit processes by delaying, withholding, or failing to provide documentation. The statement highlighted the use of irregular practices in point-of-sale (POS) services, including unauthorized contracts, repeated high-risk transactions, and the deliberate disabling of risk control mechanisms during merchant onboarding.
These irregularities were reportedly consistent with customer complaints regarding fraudulent activity and unlicensed betting.
Prosecutors issued detention orders for 28 individuals linked to the investigation. As of now, 26 suspects have been taken into custody following coordinated police operations. One company executive, identified as being abroad, is the subject of an Interpol red notice request.
In a parallel ruling, a court authorized Türkiye’s Savings Deposit Insurance Fund (TMSF) to assume control of the company as trustee.
The prosecutor’s office stated that the investigation remains ongoing and is being pursued across multiple fronts, particularly targeting money laundering, illegal gambling, and aggravated fraud.
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