Massive 26 Billion TL Money Laundering Scheme Toppled in Istanbul

The Istanbul Chief Public Prosecutor’s Office has struck a major blow against illegal betting and financial crime networks. In a coordinated effort with the Financial Crimes Investigation Board (MASAK) and the Istanbul Provincial Gendarmerie Command, authorities uncovered a sophisticated system used to launder criminal assets through international payment gateways and cryptocurrency providers.

The Malta Connection: How the Scheme Operated

Investigations revealed that Fincrypto UAB, a Malta-based crypto asset provider, and the Paymix payment institution allegedly provided the financial infrastructure for illegal betting syndicates. These organizations used shell companies and labyrinthine transfer cycles to inject illicit funds into the legitimate financial system.

By creating a “financial shield,” these entities allowed criminal groups to bypass traditional banking safeguards, moving vast sums across borders under the guise of digital asset trading.

26 Billion TL and the ‘iGaming’ Infrastructure

A central pillar of the investigation is the infrastructure provider known as “iGaming.” This entity reportedly serviced 40 different illegal betting websites that had previously been blacklisted and blocked by the Information and Communication Technologies Authority (BTK).

• Staggering Revenue: MASAK reports indicate the network generated a monthly revenue of approximately 1 billion USD.

• Transaction Volume: Between January and November 2025, the suspects reached a recorded transaction volume of 26,532,000,000 TL.

• Crypto Laundering: The proceeds were funneled through Paymix and subsequently transferred to offshore cryptocurrency exchanges to obfuscate the money trail.

Multi-City Raids: Assets Seized and Accounts Frozen

In a massive operational sweep spanning 9 provinces, Istanbul-based security forces apprehended 20 suspects linked to the laundering ring. The crackdown resulted in the immediate seizure of high-value assets believed to be purchased with “dirty money”:

• Real Estate: 75 properties in total, including 8 residences and 67 plots of land or fields.

• Vehicles: 11 luxury cars were impounded.

• Financial Freeze: Authorities placed blocks on 550 bank and cryptocurrency accounts belonging to 30 individuals involved in the investigation.

This operation marks one of the largest financial crime interventions in recent Turkish history, targeting the digital backbone of the underground betting economy.