Money laundering operation at the Grand Bazaar! 76 suspects detained

In an operation conducted across 10 provinces centered in Istanbul, a total of 76 suspects were detained, including officials from Hotto Yazılım Ticaret A.Ş. and Coinvest Liz Bilişim A.Ş., companies believed to have been established to launder proceeds of crime while operating in connection with currency exchange offices at the Grand Bazaar.

In a statement issued by the Istanbul Chief Public Prosecutor's Office, it was stated: "Reports prepared by the Financial Crimes Investigation Board (MASAK) and expert reports have determined that proceeds of crime obtained from illegal betting, forex investment fraud, and other forms of qualified fraud were laundered using real persons and shell companies."

The statement included the following remarks:

"The reports prepared by the Financial Crimes Investigation Board and the expert report indicate that an organization was established through shell companies and accounts opened by real persons acting as fronts. It was determined that a separate accounting system was created in the background to manage this system and track the money transfer network. Proceeds of crime obtained from offenses such as illegal betting, investment fraud, and cyber fraud were funneled into this system. This system was evaluated as a professional laundering network created through e-money/payment institutions, banks, currency exchange offices, and crypto asset service providers operating in our country, with the aim of distancing the values obtained from crime from their source and giving them a legal appearance through various transactions.

In this direction, three previous operations have been carried out regarding the laundering of proceeds of crime, particularly through currency exchange stations operating at the Grand Bazaar.

In the fourth operation carried out on 11.11.2025, 76 suspects were detained in 10 provinces centered in Istanbul, including officials from shell companies established to mediate the laundering of proceeds of crime, as well as officials from Hotto Yazılım Ticaret A.Ş. and Coinvest Liz Bilişim A.Ş., which are believed to have been established solely to facilitate the conversion of proceeds of crime through currency exchange stations operating at the Grand Bazaar. In line with the Financial Crimes Investigation Board report, 31 vehicles and 74 properties worth 335 million Turkish Liras have been seized.

The investigation conducted by our Chief Public Prosecutor's Office continues with versatility and determination through this fourth operation, which is part of the fight against the laundering of assets obtained from crime, illegal betting activities, and fraud under the guise of investment promises."

News Source: 12punto