💣 Turkey🇹🇷: court witness names fintech Papara “the largest money laundering scheme”

💣 Turkey🇹🇷: court witness names fintech Papara “the largest money laundering scheme”

According to the indictment, the case is linked to illegal online betting allegedly involving around 40 million Turkish citizens.

🔠 The Istanbul Prosecutor’s Office conducted a large-scale investigation that could result in up to 28 years in prisonfor Papara owner Ahmet Faruk Karsli and four other executives.

🔠 Prosecutors allege that the company facilitated the transfer of large sums of money to illegal betting organizations, disguising them as legitimate financial transactions.

🔠 The evidence was reportedly provided by a confidential witness who claimed:

🏴‍☠️ Illegal betting platforms use payment processors that collect player deposits and forward them to operators, charging commissions ranging from 4% to 15%.

🏴‍☠️ The personal data of more than 30 million users — including ID numbers, banking information, and passwords — were allegedly shared with networks based in Armenia🇦🇲 and the United Kingdom🇬🇧.

🔠 The indictment, supported by a report from the Central Bank of Turkey, states that between 2021 and 2023, more than 26,000 Papara accounts were used across 102 illegal betting platforms, processing approximately USD 286.83 million. Authorities said these funds were transferred through 274 bank accounts and later funneled into five cryptocurrency wallets linked to the networks.

🔠 Context: Operating since 2015, Papara holds all required licenses and is among Turkey’s largest fintechs. It offers instant transfers, prepaid cards, bill payments, and digital wallets. It serves millions of users domestically and abroad, aided by acquisitions like Rebellion Pay🇪🇸 and SadaPay of Pakistan🇵🇰.

🔠 Following the investigation, the company was placed under the administration of the Savings Deposit Insurance Fund (TMSF). If the court accepts the indictment, Papara executives and other suspects will face charges of forming a criminal organization, money laundering, and violating Turkey’s betting laws.

#news #Turkey #fintech #crypto #betting

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