Individual who received awards from Erdoğan and Cevdet Yılmaz arrested for fraud

Nazım Torbaoğlu and Burak Kızak, senior executives of Avod Kurutulmuş Gıda ve Tarım Ürünleri Sanayi Ticaret AŞ, which is traded on Borsa Istanbul, have been sent to prison in line with an ongoing investigation. As part of the inquiry initiated by the Istanbul Chief Public Prosecutor's Office, the company executives have been accused of "market fraud" and "money laundering."

Nazım Torbaoğlu's awards received this year have drawn attention. In January, AKP Chairman and President Recep Tayyip Erdoğan presented a plaque to Torbaoğlu for his contributions to the Birlik Foundation. In March, he was presented with a plaque of appreciation by Vice President Cevdet Yılmaz for his support of the Turkish Green Crescent (Yeşilay).

Avod Gıda shares have caused anxiety among investors due to the impact of the investigation. The company's shares fell by 4.9 percent last Friday, closing the week with a total loss of 11.3 percent in value.

Along with Chairman of the Board Nazım Torbaoğlu, company executive Burak Kızak was also arrested and sent to prison after being detained as part of the same investigation.

News Source: 12punto