Money laundering scheme worth $250M uncovered at Istanbul’s Grand Bazaar
File photo shows the Grand Bazaar, in Istanbul, Türkiye. (AA Photo)
In a coordinated operation across 12 locations, 37 individuals, including the Vice President of the Istanbul Grand Bazaar Board of Directors, were arrested over the laundering of ₺9 billion ($250 million) through a network of shell companies.
The arrests were made by the Financial Crimes Investigation Unit of the Istanbul Police Department. According to the authorities, eight main companies in the Grand Bazaar operated 93 shell companies, which were used to integrate illicit funds earned by criminal organizations from illegal betting into the legitimate banking system.
The operation was initiated by the Financial Crimes Investigation Unit and the Financial Crimes Investigation Board (MASAK), under the coordination of the Istanbul prosecutor’s office.
The investigation focused on the alleged money laundering activities conducted through the Grand Bazaar’s precious metals and foreign exchange trading sectors.
Authorities determined these entities used their network of shell companies to channel profits from organized crime activities, such as advanced fraud and online gambling, into the legal banking system.
The investigation is ongoing, and the suspects are being questioned about their involvement in the massive money laundering operation.
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