Turkey cracks 40 billion‑lira money‑laundering ring in Istanbul’s Grand Bazaar

Turkish prosecutors have completed a massive indictment against a fraud network operating through the Grand Bazaar in Istanbul. The scheme, tracked with a proprietary "M80" software system, moved roughly 40 billion Turkish lira in illicit proceeds generated from illegal betting, fake Forex investments, and other qualified fraud methods.

The indictment names 504 suspects, including alleged ringleader Türker Ak, who remains at large, and Murat Dönmezoğlu, who is in custody. Authorities seek prison terms ranging from 15 to 34½ years for the two leaders and other members. Investigators seized 31 luxury vehicles, 74 properties and about 335 million lira in cash, and reclaimed assets linked to 8 core companies and 93 shell firms that funneled the money through foreign‑exchange stations.

The network also deployed cloned websites mimicking the domestic car maker TOGG, telecom operators, insurance renewal portals and popular e‑commerce sites to lure victims. Fraudsters posed as investment advisors, bank officials, police, prosecutors or cryptocurrency platform representatives, targeting vulnerable job‑seekers and financially strained individuals with promises of high returns, cheap rentals and lottery winnings.