5 people, including 'Businessman of the Year', arrested

In a simultaneous operation conducted in 3 provinces, including Ankara and Istanbul, under the coordination of the İzmir Chief Public Prosecutor's Office and by the Financial Crimes Investigation Bureau, 11 suspects were detained, including K.G., the Chairman of the Board of Paragon Holding.

Within the scope of the investigation into the incident, it was determined that K.G. had acquired the majority shares of an insolvent insurance company through illegal means and, during the 5 months he managed the company, embezzled a portion of the capital of the financially distressed company through his actions.

As a result of the work carried out, it was learned that in order to avoid inspection by the 'Insurance and Private Pension Regulation and Supervision Agency', numerous transfers were made below the amount subject to audit, and the insurance company's capital was transferred to certain firms under the pretext of purchasing goods and services, and the amount siphoned from the company was later transferred to K.G.'s private accounts.

Examining the invoices issued on behalf of the company, the teams determined that the personal expenses of K.G., the company's board member, and their families—such as hotel accommodations, hospital bills, clothing, beach club fees, and home renovation costs—were also paid using company capital.

PAID 180 THOUSAND LIRAS TO RECEIVE AN AWARD

It was also determined through technical and physical surveillance that company employees, while making payments involving criminal activity during their conversations over the IP phone system, said, "He is eating, and we are the ones stressed." As a result of the investigations, it was determined that K.G. had paid approximately 180 thousand liras from the company's capital to have himself awarded 'Businessman of the Year'. It was revealed that the insurance company executives directly embezzled approximately 15 million liras and caused a total public loss of approximately 100 million liras by making payments above market averages to companies close to them under pretexts such as 'roadside assistance, spare parts, and agency expenses'.

ARRESTED

The 11 suspects detained within the scope of the operation were referred to the courthouse after their procedures at the police station. A total of 5 people, including K.G., were arrested by the court, while 6 suspects were released under judicial control conditions.

News Source: İHA