The founder of payments platform Papara has been arrested in Turkey on charges related to illegal gambling.
Papara Founder Arrested in Massive $330 Million Illegal Gambling Crackdown in Turkey
In a sweeping crackdown on illegal online betting, Turkish prosecutors arrested 13 suspects, including Ahmed Faruk Karslı, the founder and chairman of the popular fintech platform Papara. The early morning raids across Istanbul targeted a criminal network accused of using Papara’s platform to facilitate billions of Turkish Lira in illicit betting transactions.
What Happened?
Authorities uncovered that over 26,000 Papara accounts were used to process illegal betting transactions totaling TL12.9 billion (around $330 million). These funds were shuffled through hundreds of bank accounts before being transferred to cryptocurrency wallets controlled by key figures behind four offshore illegal betting sites.
Charges and Seized Assets
Karslı faces serious charges including establishing and being a member of a criminal organization and money laundering. Law enforcement seized assets valued at TL5 billion ($128.4 million), including companies, luxury vehicles, real estate, yachts, and boats linked to the suspects.
Over 26,000 Papara accounts are implicated in illegal gambling charges.
In a major crackdown on illegal betting, authorities uncovered that over 26,000 Papara accounts were used to place unlawful bets, with transactions totaling a staggering TL12.9 billion! These accounts, opened under the names of 26,012 individuals, funneled money into 274 different accounts before transferring funds to crypto wallets linked to five people connected to four separate illegal betting sites.
This extensive probe was led by the Istanbul Provincial Police Department’s Cyber Crimes Combating Branch, working closely with the Istanbul Chief Public Prosecutor’s Office and the General Directorate of Security’s Cyber Crime Combating Department. Their coordinated efforts brought this massive illegal gambling network to light.
Official Statements: Fighting Illegal Betting with Full Force
Minister Yerlikaya praised the law enforcement teams, saying: “Illegal betting endangers not just individuals but society’s future. We remain determined to fight illegal betting and cyber fraud to protect our citizens.”
He also emphasized the serious threat illegal betting poses:
“Illegal betting endangers not just individuals but society’s future. We remain determined to fight illegal betting and cyber fraud to protect our citizens.”