Ex-DenizBank execs face 240-year sentence for fraud targeting Turkish football icons

The Istanbul Chief Public Prosecutor’s Office has issued an indictment seeking up to 240 years in prison for former CEO Hakan Ates and former Deputy CEO Mehmet Aydogdu of Turkish DenizBank, which the court has now accepted.

The charges stem from their alleged involvement in orchestrating a fraudulent scheme, publicly dubbed the “high-return secret fund,” which targeted prominent Turkish football figures, including Galatasaray and Turkish National Team’s legendary coach Fatih Terim, former Atletico Madrid and Barcelona star Arda Turan, and former Inter Milan and Newcastle star Emre Belozoglu.

The indictment accuses Ates and Aydogdu of “aggravated fraud” and “forgery of private documents,” detailing allegations that the pair knowingly facilitated fraudulent activities, which were carried out under the guise of a high-yield investment fund.

Key testimonials from indictment

According to the indictment, key testimony from Secil Erzan, a detained suspect accused of leading the fraud, alleged that Ates and Aydogdu were aware of and authorized the transactions involved.

Both executives, however, deny the charges, asserting that no such fund was established with their knowledge. Ates argued that it was unusual for the alleged victims to not consult with the bank’s executives when dealing with transactions of such magnitude.

One complainant, Bulent Ceviker, stated that Erzan used the names of famous football figures, including Fatih Terim, to collect $2.1 million from him. Similarly, Volkan Bahcekapili, the husband of Terim’s daughter Buse Terim, reported handing over a total of $4.2 million belonging to Emre Belozoglu to Erzan, only to later discover it was a scam.

The trial date for Ates and Aydogdu is expected to be announced in the coming days. Ates resigned as CEO late last year but continues to serve on DenizBank’s Board of Directors. Aydogdu, meanwhile, stepped down from his position on Nov. 15, 2024.

On Nov. 27, 2024, an earlier version of the indictment, which also sought prison sentences ranging from 72 to 240 years for the two former executives, was sent back to the prosecution for revisions.

Background of fraud targeting Turkish football icons

According to the indictment, Secil Erzan served as DenizBank’s branch manager in Corlu, Tekirdag, for nearly a decade before taking over the Istanbul Bahcesehir branch in 2011. She later managed the Florya and Levent Buyukdere Street branches.

While at Florya, Erzan reportedly built close ties with Galatasaray players due to the nearby Metin Oktay Training Facilities. Using these connections, she allegedly solicited large sums from individuals, claiming the existence of a “secret high-yield fund” involving Terim and Ates. The indictment, however, states no such fund existed.

The scheme unraveled when Erzan failed to make promised payments. On April 7, 2023, the victims reported her to the bank after being unable to contact her. An investigation followed, and Erzan was arrested in Corlu on April 11, 2023.

Reportedly, famous victims of the fraudulent fund are as follows:

• Fatih Terim: $3.5 million
• Arda Turan: $7.5 million
• Emre Belozoglu: $4.29 million
• Selcuk Inan: $1.54 million
• Fernando Muslera: $500,000
• Emre Colak: $3.21 million

In total, Erzan’s fraud scheme collected $25.77 million and ₺7.384 million (approximately accounting for $206,824 currently, Jan. 24, 2025).