Turkish Police Detain 68 in Billion-Lira Illegal Betting Money Laundering Investigation

A sweeping financial crime investigation in Istanbul has led to the arrest of 68 people accused of operating a sophisticated money laundering network tied to illegal betting and gambling, after investigators traced transactions totaling more than 76.2 billion Turkish lira, or roughly $2.22 billion.

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The case grew out of an inquiry led by Istanbul’s Cybercrime Department under the supervision of the Chief Public Prosecutor’s Office. Investigators relied on an analytical assessment prepared by Türkiye’s Financial Crimes Investigation Board, known as MASAK, to map the movement of funds through the financial system.

Authorities concluded that the network processed an enormous volume of payments through electronic payment services before dispersing the money across numerous bank accounts. From there, investigators believe a significant share of the proceeds was shifted into cryptocurrency, a move they say was intended to make the money harder to trace.

Crypto Transfers Became a Key Focus

The financial trail covered more than 100,000 individual transactions. During the investigation, officials found payment records containing descriptions that allegedly connected the transfers to unlawful betting and gambling activities.

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The inquiry also found that a large portion of the money was converted into the stablecoin USDT before being transferred to cryptocurrency wallets outside the immediate banking system. Investigators suspect this step was used to obscure the origin and movement of the funds.

Once authorities identified the individuals believed to be involved, police carried out coordinated raids across Istanbul. All 68 suspects were taken into custody during the operation and remain under investigation.

The crackdown ranks among Türkiye’s largest recent operations targeting financial networks linked to illegal betting, with investigators continuing to examine the flow of funds and the broader structure behind the alleged laundering scheme.

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Source: caspianpost.com