Turkish Prosecutors Charge 504 in $1 Billion Crypto-Linked Money Laundering Case

Turkish prosecutors have charged 504 people in an alleged money laundering network that moved nearly 40 billion Turkish liras through shell companies, jewellery stores, payment providers and cryptocurrency transactions.

The indictment prepared by the Istanbul Chief Public Prosecutor’s Office claims that the suspects used a complex system involving front companies, bank accounts, foreign exchange offices, point-of-sale terminals, and crypto transfers to disguise proceeds generated from illegal betting operations.

The network allegedly established a web of shell companies that allowed betting revenues to enter the financial system before being routed through a proprietary digital accounting platform known as “M80,” which handled the movement and tracking of the group’s financial operations.

Prosecutors are seeking prison sentences of up to 34.5 years for alleged ringleader Türker Ak and up to 31 years for alleged network manager Murat Dönmezoğlu.