Manipulation and Cybercrime Scandals Shake Turkey’s Financial System

From a restaurant waiter turned stock manipulator to a billion-dollar digital money-laundering network — two explosive cases are exposing how weak oversight and opaque structures have turned parts of Turkey’s financial system into a breeding ground for fraud and cyber-crime.

From Waiter to Stock Market Manipulator: The Marka Holding Affair

A criminal investigation led by the Istanbul Chief Public Prosecutor’s Office and the Financial Crimes Division has uncovered one of the most striking market-rigging operations in recent Turkish history.

Authorities say Onur Yılmaz, a 32-year-old former non-commissioned officer turned waiter, masterminded a manipulation scheme involving shares of Marka Investment Holding A.Ş. listed on Borsa Istanbul.

Between March 2 and April 14, 2023, Marka’s share price jumped from ₺4.00 to ₺28.92 — a staggering 596% increase in just six weeks. Yılmaz and 12 members of his network were arrested in April on charges of forming a criminal organization and market manipulation.

A Rapid Rise from the Kitchen to the Trading Floor

After leaving the military in 2021, Yılmaz worked as a waiter in his father-in-law’s Ankara restaurant while developing an obsession with trading. Under the social-media alias “onylm29” on X (Twitter) and through his “Onur Endeksi” Telegram channel, he lured small investors into buying Marka shares while his group secretly sold into the rally.

Investigators estimate the group earned ₺73 million in illicit profits.

A Secret Deal with the Company Owner

Yılmaz told prosecutors he met with Mine Tozlu Biçer, chairwoman of Marka Holding, in late 2022. She allegedly informed him that she controlled 11 million shares through proxies and asked him to sell them above ₺11 per share — when the stock was still trading near ₺6.

According to Yılmaz’s testimony, Biçer broke the informal deal by selling her shares early:

“The boss dumped everything on us and disappeared,” he said.

The group then tried to accumulate control of the company to force management changes. When the firm failed to disclose its financials to the stock exchange, trading in the shares was suspended.

Biçer has rejected all allegations, calling them “slander.”

The Papara Case: Billions Laundered Through Digital Payments

A separate probe into Papara, one of Turkey’s largest fintech payment platforms, has revealed an even deeper financial scandal.
According to an indictment filed by the Istanbul Chief Prosecutor’s Office, ₺12 billion was laundered through Papara between 2021 and 2023 — largely tied to illegal online betting networks operating across Turkey and Northern Cyprus.

One witness described the network as

“the biggest money-laundering machine ever built in Turkey, with annual turnover of ₺55 billion.”

Investigators estimate that nearly 40 million people in Turkey have been exposed to illegal gambling or crypto-based betting platforms.

MASAK Reports Reveal the Digital Money Web

Case 1: Crypto Exchanges

A MASAK (Financial Crimes Investigation Board) report demanded transaction data from top exchanges Binance, Paribu, and BTCTürk covering 1,299 individuals and 23 companies.
The probe found that funds were funneled through 1,535 bank accounts, including some belonging to deceased or foreign nationals — a classic layering technique.

Case 2: ₺7 Billion Through Papara

Another report traced ₺6.3 billion sent from Papara and ₺225 million from bank accounts to ten individuals linked to late casino boss Halil Falyalı.
The 274 people facilitating the transfers had an average age of 28 and little or no formal income.

Case 3: 1,657 Accounts, 273 Billion TL in Volume

Between 2022 and 2024, 1,657 people conducted 49 million transactions worth ₺273 billion — including ₺67 billion routed through Papara.

Case 4: A 60-Minute Money Carousel

One woman, identified as Edanur Y., received ₺446,000 from 854 senders in a single day — then redistributed the entire amount to other accounts within an hour, leaving her balance at zero.

The Broader Pattern: A Systemic Rot

The Papara revelations come amid a string of high-profile financial scandals:

• Can Holding seized over ₺85 billion in alleged money-laundering.

• Grand Bazaar raids uncovered ₺1.2 billion in unregistered jewelry.

• Istanbul Gold Refinery investigated for a $500 million fake export scheme.

• PayFix case exposed ₺40 billion in illegal betting flows.

• Papara itself processed more than ₺55 billion in suspect transactions.

As journalist Bahadır Özgür wrote:

“From electronics to energy, media to gold — hundreds of companies and executives are under investigation. This is no longer a swamp to be drained. It’s a system that must be dismantled.”

PA Turkey intends to inform Turkey watchers with diverse views and opinions. Articles in our website may not necessarily represent the view of our editorial board or count as endorsement.

Follow our English-language YouTube videos @ REAL TURKEY: https://www.youtube.com/channel/UCKpFJB4GFiNkhmpVZQ_d9Rg
Twitter: @AtillaEng
Facebook: Real Turkey Channel