Turkish police target Daesh financial network in Istanbul

In a significant operation targeting the financial network of global terrorist organization Daesh, Turkish police have apprehended 11 suspects, including the owners of currency exchange companies and foreign trade firms involved in illicit financial activities.

Coordinated police operation across seven districts

Early morning police raids were conducted simultaneously across seven districts of Istanbul. The operation, spearheaded by the Istanbul Intelligence and Counter-Terrorism Department, has led to the freezing of numerous company assets and the seizure of substantial amounts of cash, gold, and silver.

Police have closely monitored several companies funding Daesh, primarily operating in Syria and Iraq. The investigation, focusing on the use of cryptocurrencies and an extensive financial network within Türkiye, identified several exchange offices, import/export firms, and international transportation companies involved in these activities.

Seized assets

During searches, authorities confiscated a significant amount of digital and physical evidence, including:

• 4 handguns with magazines and ammunition
• 13 cryptocurrency cold wallets
• 100 grams of gold
• 130 kilograms of silver
• 89,830 Turkish lira
• 13,000 euros
• 17,907 U.S. dollars
• 7,805 Saudi riyals
• 770 UAE dirhams
• 2,380,000 Uzbekistani soms

Financial investigations

The companies involved were scrutinized by tax inspectors, resulting in a total fine of 760,000 Turkish lira for three firms due to violations of tax laws. The financial probe revealed that these companies transferred large sums of money to Daesh members using the ‘Hawala’ system, a traditional informal value transfer method.

The assets of two companies were frozen under orders from the prosecutor’s office. The investigation uncovered that money collected through these companies was funneled to Daesh camps in Syria under the guise of legitimate business activities.

Continuing investigations

11 suspects are currently undergoing interrogation at the Istanbul Counter-Terrorism Branch. The authorities are delving deeper into the financial operations of these companies, aiming to dismantle the financial support network of Daesh within Türkiye.

The Istanbul Police Department’s efforts to disrupt Daesh’s financial operations are ongoing, with more companies and individuals under surveillance to prevent further funding of terrorism.