Money Laundering Probe: Arrest Warrants Issued for 85 People, Including Denizbank and Şekerbank Employees

Turkish authorities have launched a sweeping money laundering investigation involving suspicious POS transactions worth over 47.5 billion lira. Arrest warrants have been issued for 85 individuals—including employees of Denizbank, Şekerbank, and fintech firm Ozan Elektronik Para A.Ş.

According to a statement from the Istanbul Chief Public Prosecutor’s Office, the investigation targets individuals and legal entities suspected of a wide range of financial crimes, including:

• Establishing a criminal organization

• Usury

• Violating laws on credit cards and payment services

• Laundering proceeds of crime

47.5 Billion Lira in Suspicious Transactions Linked to Foreign Cards

Launched in 2022 following a tip-off, the investigation uncovered significant irregularities. According to Financial Crimes Investigation Board (MASAK) and Banking Regulation and Supervision Agency (BDDK) reports, 312 POS devices linked to 21 companies processed over 47.5 billion TL—with 99.99% of transactions carried out via foreign-issued cards.

Authorities noted that 93% of the activity involved repeated same-day transactions using multiple cards for identical amounts, often during nighttime hours. These transactions raised red flags due to their inconsistency with the companies’ stated business profiles and appeared to be highly coordinated.

Investigators identified organized POS device abuse, which generated significant illicit commission revenue. According to MASAK, much of this revenue was later laundered through various channels by the suspects and associated companies. Most of the flagged POS terminals were issued by Denizbank, Şekerbank, and Ozan Elektronik Para A.Ş.

Major Seizures: Jewelry, Cars, Real Estate Confiscated

Authorities carried out simultaneous operations across six provinces. Among those detained were 16 employees of Denizbank, Şekerbank, and Ozan Elektronik.

Luxury watches, gold jewelry, and other valuable assets were seized, alongside 47 vehicles, 84 properties, and partnership shares in 10 companies, believed to be linked to illicit proceeds.

CHP’s Karabat: “Top Bank Executives Are Being Protected”

CHP Deputy Chair Özgür Karabat publicly criticized the investigation, accusing authorities of limiting the scope of the probe and shielding high-level banking officials. He claimed the actual transaction volume far exceeds the official 47.5 billion TL figure, asserting it could surpass $120 billion, and that the scheme began as early as 2019, not 2022.

“These transactions were carried out in U.S. dollars, but recorded in lira. The true volume is much higher. The masterminds of the POS scheme are senior bank executives. Everyone in the sector knows who they are. Why are they being protected?”

“U.S. Using the Scheme as Diplomatic Leverage”

Karabat further alleged that the money laundering ring operated primarily through Libya and Iraq, and that the United States was fully aware of the transactions, potentially using this information as diplomatic leverage against Ankara.

“The most troubling aspect is that Washington has access to all the data. They could easily use this scandal as a bargaining chip.”

A New ‘Halkbank’ Scandal in the Making?

Drawing comparisons to Turkey’s past international banking controversies, Karabat warned of a potential global fallout if the investigation lacks transparency.

“We’ve warned before, and we’re warning again: only transparency can solve this crisis. Don’t try to cover it up. Don’t shield those who enabled tax evasion and laundered dirty money. Recover the public’s stolen wealth.”

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