500 Kilos of Gold Found Hidden in Tycoon’s Aunt’s Cellar

When news broke of the massive operation targeting the Istanbul Gold Refinery (İAR) — one of Turkey’s largest industrial players — the headlines were already explosive. But no one expected the story to literally glitter.

On October 6, 2025, authorities detained 24 individuals, including İAR’s owner Özkan Halaç and CEO Ayşen Esen, as part of a sweeping investigation into fake gold exports and state subsidy fraud. By October 9, 20 suspects were formally arrested. The allegations were stunning: imported gold disguised as Turkish-made, exported again under false records, and millions pocketed through fraudulent incentives.

But what came next pushed the scandal into near-mythic territory.

A Cellar Full of Gold

According to a report by Timur Soykan of Onlar TV, one of the locations raided by Istanbul’s Provincial Gendarmerie Command during simultaneous operations across 12 districts was the Florya villa of N.K., the sister of İAR’s late founder Fazıl Halaç.

During the search, officers discovered over 500 kilograms of gold — stored quietly in the cellar of the Bakırköy residence. The stash, worth more than ₺3 billion, was physically secured and hidden in storage containers.

When questioned, N.K. and her children claimed the gold was an inheritance from Fazıl Halaç, who passed away on May 8, 2025. Whether that explanation holds up remains to be seen, but the discovery has intensified the investigation into the Halaç family and İAR’s intricate financial network.

The Allegations Behind the Shine

Authorities suspect that İAR executives and affiliates engaged in a “fictitious export” scheme, where gold imported into Turkey was altered just enough to appear domestically processed — allowing it to be re-exported as Turkish goods. This manipulation reportedly granted the company access to export incentives from the government, despite no real production or added value taking place.

The practice not only defrauded the state but also distorted gold trade statistics, giving the illusion of a booming export sector. Insiders suggest that certain financial flows were routed abroad through shell transactions disguised as legitimate trade.

The Legacy of a Gold Empire

Founded by Fazıl Halaç, the Istanbul Gold Refinery holds a unique position in Turkey’s precious metals industry — refining, exporting, and setting purity standards for bullion and jewelry manufacturers. It’s the fifth largest industrial enterprise in Turkey, and its operations directly affect the country’s gold reserves and export data.

Fazıl Halaç’s death earlier this year has reportedly triggered succession disputes, as well as new scrutiny into financial transfers, ownership structures, and international partnerships tied to İAR.

For years, the refinery was celebrated as a symbol of Turkish industrial innovation. Now, it’s under investigation for one of the largest financial scandals in the country’s history, with 500 kilos of hidden gold serving as a literal emblem of the corruption alleged within.

As prosecutors trace the origin of the gold and examine İAR’s international transactions, more arrests could follow. Authorities are also exploring whether the stash found in Florya connects to the fictitious export incentives, or if it was personally hoarded wealth hidden from corporate and tax records.

What’s clear is that this case goes beyond a simple smuggling story. It’s a mirror reflecting how deep financial crime can run within legitimate-looking industries, and how even the most respected enterprises can become entangled in networks of deceit.