Turkey launches fourth wave of Kapalıçarşı money laundering probe, orders detentions nationwide

Summary:

Turkish prosecutors have launched a fourth wave of raids in a wide-ranging money laundering investigation centred on Istanbul’s historic Kapalıçarşı, ordering the detention of dozens of suspects and seizing extensive assets. The probe has expanded steadily since 2024, targeting alleged links between illegal betting, fraud networks and the jewellery trade.

Turkish prosecutors have launched a fourth wave of operations in an ongoing money laundering investigation centred on Kapalıçarşı, issuing detention orders for 80 suspects and seizing dozens of vehicles and properties across the country, the İstanbul Cumhuriyet Başsavcılığı said.

In a statement, the prosecutor’s office said police carried out coordinated raids in 14 provinces, including Istanbul, Ankara, Adana, Bursa, Gaziantep and Samsun, as part of an investigation into the laundering of criminal proceeds through the jewellery sector and associated businesses.

Assets seized across multiple provinces

Authorities said assets believed to have been acquired through criminal activity were seized from suspects identified as owners of front companies and facilitators of illicit money transfers. The confiscated assets include 28 vehicles, 41 properties, 11 residential units and eight commercial premises, according to the statement.

The investigation alleges that funds generated through illegal online betting, foreign exchange (forex) fraud schemes and cyber-enabled scams were channelled through shell companies and personal bank accounts before entering the formal banking system. Prosecutors said the money was later transferred to cryptocurrency firms and moved abroad.

Fourth wave in expanding probe

The Kapalıçarşı investigation, formally registered under a 2024 case file, has unfolded in multiple phases over the past year. Earlier waves focused on identifying key intermediaries within the jewellery trade, mapping financial flows and freezing initial assets linked to suspected laundering networks.

Subsequent operations broadened the scope of the probe, targeting additional business entities and individuals alleged to have played logistical and financial roles in moving illicit funds domestically and internationally. Prosecutors have repeatedly said the investigation is aimed at dismantling the organisational structure behind the network, rather than isolated individuals.

Prosecutors cite financial security concerns

In its latest statement, the prosecutor’s office said the investigation was being conducted “meticulously and on multiple fronts” to safeguard financial security and prevent criminal proceeds from entering the economy.

“The objective is to fully uncover the organisational structure, disrupt illicit financial flows and protect the integrity of the economic system,” the statement said.

The office added that further arrests and asset seizures could follow as financial and digital evidence continues to be examined.

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