An indictment issued by the Public Prosecutor’s Office in Istanbul has exposed a vast financial network linked to a currency exchange office in the Laleli district. The office was found to be involved in running complex and unlawful financial operations, and was reportedly used as a repository for what Turkish authorities described as “profiteering criminal funds.”
Investigative findings highlighted that Libya was one of the most prominent countries serving as a main conduit for the flow of illicit transfers connected to this sprawling network. The indictment further revealed that the network relied on extensive international mechanisms for cash transactions and transfers. This included monopolising transfer operations with several countries, including Libya, by employing circuitous payment methods and foreign bank cards.
The probe also uncovered that the office functioned as a cash vault, storing enormous sums of money circulated upon request. Seizures confirmed the existence of substantial liquid assets that were completely inconsistent with the office’s official records and a total lack of documentation proving ownership of the confiscated gold and currencies.
Turkish authorities estimated the total value of the network’s fraudulent financial operations at over 47 billion Turkish Lira, with criminal proceeds exceeding 1.3 billion Lira. The security operation has resulted in the detention of numerous suspects and the confiscation of their financial and real estate assets, as investigations continue to uncover the full extent of the network and its role in cross-border money flows.