Istanbul Grand Bazaar fraud ring swindles $50 million from merchants

Police investigations have uncovered a large‑scale investment scam run from Istanbul’s historic Grand Bazaar. The criminal group, known as the “Çalışkurlar” organization and led by brothers Ömer Faruk and Mehmet Tarık Çalışkur, posed as a reputable fund‑raising scheme, promising high profit shares without any loss of principal. Between 2021 and March 2024 the operation attracted over 200 victims and collected roughly $50 million. Victims were told their money would be invested in gold and foreign‑exchange trading, with assurances that the principal would never be reduced. The scheme collapsed after two major victims reported losses of $25 million combined. The leaders fled, with Ömer Faruk Çalışkur arrested in the United Kingdom before returning to Turkey, where authorities seized assets and arrested 11 suspects on charges of forming a criminal organization.

Investigators say part of the funds was transferred to accounts linked to gold‑index investments in the United States and to a Belgian‑based entity, with some money allegedly laundered through shell companies and luxury assets. The case highlights the vulnerability of small merchants in Turkey to sophisticated financial fraud.