Turkish Prosecutors File Charges Against 504 Suspects in $850 Million Cryptocurrency Laundering Network

According to Hürriyet Daily News, Turkish prosecutors filed charges today against 504 suspects in a massive money-laundering network involving the Grand Bazaar, alleging approximately $850 million in illicit proceeds. The defendants are accused of using shell companies, bank accounts, foreign exchange dealers, POS terminals, and cryptocurrency exchanges to conceal illegal funds. Prosecutors allege the suspects converted proceeds into cryptocurrency for overseas transfers and lured victims into fraudulent investment schemes. The lead defendant, Türker Ak, faces up to 34.5 years imprisonment; network manager Murat Dönmezoğlu faces up to 31 years.
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