Behind the scenes of the Papara operation with 20 million users! How did they launder the money?

The Papara payment system, which is alleged to have played a role in laundering proceeds from illegal betting and gambling, came to the fore yesterday with a wide-ranging operation. Within the scope of the investigation conducted by the Istanbul Chief Public Prosecutor's Office, 13 people, including the company's founder Ahmed Faruk Karslı, were detained. As part of the investigation, trustees were appointed to Papara and 7 other companies.

HE HAD BOUGHT THE RED MANSION ON THE BOSPHORUS

Founded by Ahmed Faruk Karslı in 2016 when he was just 29 years old, Papara had become a notable financial technology startup, reaching over 20 million users in nine years. The company, which gained popularity especially among young users by offering free money transfers and easy payment solutions, had also frequently made headlines with the sponsorship support it provided to sports clubs.

Papara founder Karslı also made headlines in 2023 when he purchased the historic Mehmet Emin Ağa Mansion — known to the public as the Red Mansion — on the Bosphorus for 200 million liras.

HOW WAS THE MONEY LAUNDERED?

According to the report in Sözcü, based on findings from the Central Bank and MASAK (Financial Crimes Investigation Board) reports within the scope of the investigation, it is alleged that 26,000 accounts on Papara were used to launder proceeds from illegal betting.

According to the allegations, criminal proceeds exceeding 12 billion liras were integrated into the system by being transferred through these accounts first to banks and then to the suspects' cryptocurrency wallets.

In the operations, assets belonging to the suspects with a total value of approximately 5 billion liras were seized. The seized assets include 1 yacht, 5 boats, 3 safe deposit boxes, 74 vehicles, 7 apartments, and 1 villa.

The detained suspects are facing charges of “establishing a criminal organization,” “being a member of an organization,” “laundering assets obtained from crime,” and “violating the betting law.”