Fraud case against DenizBank CEO Hakan Ates launched in Türkiye
Hakan Ates. (AA Photo)
Founder President and CEO of DenizBank Hakan Ates and Executive Vice President and Member of Executive Committee Mehmet Aydogdu, former and current executives of DenizBank, are accused of orchestrating a fraud scheme known publicly as the “high-return secret fund.”
24 people defrauded in alleged collaboration with Secil Erzan
Prosecutors allege the duo collaborated with former branch manager Secil Erzan to defraud 24 individuals, including prominent public figures.
The Istanbul Chief Public Prosecutor’s Office has filed charges of “qualified fraud” against Ates and Aydogdu, seeking prison terms ranging from 72 to 240 years. The case is being reviewed for consolidation with ongoing proceedings in the Istanbul 41st Heavy Penal Court.
DenizBank Deputy General Manager Mehmet Aydogdu recently resigned from his position and became the new General Manager of Q Investment Bank.
Public figures among claimants
High-profile claimants include football personalities Fatih Terim, Arda Turan, Emre Belozoglu and Fernando Muslera, as well as Terim’s daughter, Buse Terim. Allegedly, the defendants exploited personal trust to promote an illegal fund promising high returns.
According to the indictment, Secil Erzan, previously a branch manager at DenizBank, acted as the intermediary. She reportedly maintained close relationships with claimants, leveraging her position and proximity to persuade them into financial transactions.
Accused Ates and Aydogdu deny allegations
Both Ates and Aydogdu have denied any involvement in the fraudulent activities. Ates stated he first learned of the issue on April 7, 2023, and filed a complaint with prosecutors.
“I was not involved in the creation or operation of any fund. Such actions require Capital Markets Board approval and are fully transparent by law,” Ates explained.
Fatih Terim, Arda Turan and Emre Belozoglu are people who can call me at any time, even for the smallest banking transaction. Fatih Terim even called me for the smallest loan issue. It is very strange that people who can call me in this way did not call me before they handed over the million dollars to the person named Secil Erzan. Even after the money started not to be repaid, they did not call me to inform me of this victimization until April 7.
Hakan Ates
Aydogdu echoed similar sentiments, denying knowledge of the fund. “I had no involvement in the alleged transactions. Claims against me are entirely baseless,” he asserted, highlighting that his name was falsely associated with the scheme due to his Galatasaray affiliation.
I have no information about the establishment and operation of the fund in question. I know Arda Turan. I met and chatted with him at the Bebek Balikcisi restaurant before the events unfolded. He did not tell me anything about his victimization here or anywhere else. I also saw Ayhan Akman and had a conversation with him in the same way. He also did not tell me anything about these victimizations in any way. These meetings took place before December 2022. I saw Volkan Bahcekapili with Fatih Terim once years ago, I saw Emre Belozoglu after April 7. I don’t know the other people. This fund allegedly managed by Secil Erzan and established by us is not within the knowledge of our bank.
Mehmet Aydogdu
Details of the high-return secret fund fraud scheme
The indictment claims that the alleged fund operated as a Ponzi scheme, with large sums of cash moving in and out of the bank without proper documentation. Claimants assert they were assured of lucrative returns by Erzan, who reportedly coordinated her actions with Ates and Aydogdu.
Prosecutors highlighted suspicious activities, such as cash transactions occurring in branch offices under the guise of legitimacy. The investigation also revealed that the fund lacked regulatory approval and official records, raising questions about internal oversight at DenizBank.
DenizBank’s statement
DenizBank has distanced itself from the scandal, stating that its upper management was unaware of the fund’s existence until complaints surfaced in April 2023.
“There are various criminal complaints made by both the complainants and our Bank within the scope of the ongoing case involving a former branch manager of ours. Some of these applications have been concluded (cases have been filed or rejected) and some are ongoing. However, we have not received any information regarding the prosecutor’s investigation that was reflected in some press and publication organs today,” DenizBank’s statement said.
We present to the attention and appreciation of the Great Turkish Nation and the public opinion that the most fundamental principle of the Criminal Law under the protection of the Constitution, “the right not to be tainted by the presumption of innocence”, has been trampled upon by serving the file to the press organs in violation of the principle of confidentiality, without any official information reaching us regarding the result of an investigation that was understood to have been initiated on 14.10.2024, 1.5 years after the lawsuit was filed against Secil Erzan, and we call on the authorities to take action against this clear unlawfulness.
DenizBank
