Founder of Turkish ‘Ponzi farm’ Mehmet Aydin sentenced to 45,376 years

Mehmet Aydin, the founder of the online Ponzi scheme Ciftlik Bank, has been sentenced to 45,376 years and six months in prison with his brother, Fatih Aydin, for defrauding 4,582 people of approximately ₺511 million ($14.19 million).

During Monday’s sentencing hearing, Mehmet Aydin defended himself, saying: “I did not enter this business with the intent to defraud. I did not deceive anyone, and my investments were sufficient to cover the victims’ losses. I had no fraudulent intent. People suffered because the government seized my assets. Even my funds in judicial custody could compensate them.”

The court ruled that Aydin and the other defendants were guilty and rejected their appeals.

Ciftlik Bank: A ‘Ponzi farm’

Ciftlik Bank was a Ponzi scheme through an online farming game, in which money from new participants was used to pay earlier members. Founded in August 2016 by Mehmet Aydin, who became known in Türkiye as “Tosuncuk” (meaning “chubby boy”), the platform was registered in the Turkish Republic of Northern Cyprus (TRNC).

In March 2018, authorities launched an investigation into Ciftlik Bank, alleging it operated as a pyramid scheme and a criminal organization.

After the Turkish authorities seized its assets, its executives were arrested while Aydin allegedly fled to Uruguay with the ₺511 million he had collected from investors. Türkiye issued a red notice for his arrest in multiple countries.

Aydin was extradited from Brazil at Türkiye’s request and brought back to the country on Jul. 3, 2021. He was taken into custody upon arrival at Istanbul Airport and charged with “establishing a criminal organization,” “fraud through information systems, banks, or credit institutions,” and “fraud by merchants, company managers, or cooperative executives” following complaints from 102 victims.