Turkish Prosecutors Indict 504 Suspects in $850 Million Cryptocurrency Money-Laundering Network

According to Hürriyet Daily News, Turkish prosecutors indicted a massive money-laundering network involving 504 suspects linked to a scheme in the Grand Bazaar, with illicit proceeds totaling approximately 400 billion Turkish lira (around $850 million). The defendants are accused of using shell companies, bank accounts, foreign exchange dealers, POS terminals, and cryptocurrency exchanges to conceal illegal gains. They allegedly converted stolen funds into cryptocurrency and transferred proceeds abroad, while recruiting victims into fraudulent investment schemes with promises of high returns. Prosecutors are seeking up to 34.5 years in prison for the alleged ringleader, Türker Ak.
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