Turkey Charges 504 Suspects in Crypto-Linked $1B Money Laundering Case

Turkish authorities have charged 504 suspects in connection with an alleged $1 billion money laundering operation that used cryptocurrencies and shell companies to launder funds.

The indictment, which spans over 1,500 pages, alleges that the network used a digital accounting platform called 'M80' to track and move their financial operations. The system reportedly handled the movement of nearly 40 billion Turkish liras through various channels, including bank accounts, foreign exchange offices, point-of-sale terminals, and cryptocurrency transactions.

Prosecutors claim that part of the proceeds was converted into cryptocurrencies before being transferred abroad. They also accused members of the network of attracting victims into fraudulent investment schemes by promising unusually high returns.