The 1,548-page indictment alleges illegal betting proceeds were funneled through front companies, payment providers, jewelry stores, POS terminals and crypto transfers, with prosecutors seeking sentences of up to 34.5 years.
Turkish prosecutors have filed charges against 504 suspects in an alleged money-laundering network that moved nearly 40 billion Turkish lira, or about $850 million, through shell companies, jewelry stores, payment providers, bank accounts, foreign exchange offices, POS terminals and cryptocurrency transactions. The 1,548-page indictment, prepared by the Istanbul Chief Public Prosecutor’s Office, says the proceeds came from illegal betting operations and were routed through a proprietary digital accounting platform called “M80” before some funds were converted into cryptocurrencies and sent abroad. Prosecutors are seeking prison terms of up to 34.5 years for alleged ringleader Türker Ak and up to 31 years for alleged network manager Murat Dönmezoğlu. The indictment also alleges the group lured victims into fraudulent investment schemes by promising unusually high returns, highlighting how crypto can be used alongside traditional financial channels to obscure cross-border fund movements.