Turkey: Operation Against Illegal Betting — TMSF Takes Control of BankPozitif
In Turkey, the largest operation against illegal betting took place, during which the management of the investment bank BankPozitif was transferred under the control of the Savings Deposit Insurance Fund (TMSF).
As part of the investigation, numerous criminal schemes were uncovered, related to international betting websites and illegal financial flows.
Details of the Operation and Transfer of Control over BankPozitif
As a result of the court proceedings on illegal betting, the management of BankPozitif is now under TMSF. This decision was made according to the decree of the Banking Regulation and Supervision Agency of Turkey (BDDK) on March 17, 2025.
The management of PayFix, the bank’s largest shareholder, has also been transferred to the authorities. The total value of assets frozen is estimated at $188 million, including cryptocurrency wallets, bank accounts, and real estate.
Operation Against Illegal Betting
The operation involves over 23 companies, including PayFix, Flash TV, and Troy Bilişim, which played a key role in creating the infrastructure for illegal betting websites.
The main figure in the investigation is Erkan Kork, who used his companies for illegal financial operations, including through the PayFix system.
Key Elements of the Operation:
- PayFix: Created a system that allowed foreign bookmakers to accept bets in Turkey, concealing financial flows through fake wallets.
- Transactions: Over 50 million transactions, totaling around $114.66 million, passed through the PayFix system in two months.
- High-Risk Accounts: 855 accounts related to illegal betting were identified in the PayFix database.
- Arrests: 49 individuals were arrested, including company owners and key figures in the scheme.
- Seized Assets: The prosecution seized assets, including 17 properties, 9 plots of land, 13 vehicles, and cryptocurrency wallets.
Financial Schemes and Manipulations
With the help of companies like Troy Bilişim and others, illegal betting was integrated into Turkey’s financial system. These schemes used fake digital wallets and transactions through cryptocurrency exchanges to conceal sources of income and launder money.
Data Analysis:
- The PayFix system processed over 43,000 wallets associated with illegal activities.
- A total of 4.2 billion Turkish liras passed through these wallets, which were transferred to cryptocurrency platforms.
How the Frauds Were Uncovered:
- Cooperation with MASAK and the Central Bank of Turkey helped uncover more than 211,000 accounts associated with suspicious activities.
- 855 high-risk accounts, through which illegal transactions occurred, became the main source for further investigation.
Government Response and Next Steps
Turkish authorities are actively working to eliminate financial crimes. Not only law enforcement but also financial regulators have joined the investigation, aiming to eliminate the influence of illegal networks on the country’s financial system.
Response to the Investigation:
- All assets related to criminal activities have been frozen.
- 48 individuals are under investigation, and 29 of them have already been transferred to court.
Law enforcement continues the investigation, and the Turkish government is actively working to prevent the further spread of illegal betting and money laundering.
Conclusion
The operation in Turkey is an important step in the fight against illegal online betting and financial crimes. The transfer of BankPozitif’s management to TMSF and the arrests of key figures demonstrate the seriousness of the authorities’ intentions in ensuring the country’s financial security.