News

Türkiye detains individuals in Papara probe over money laundering

Tuesday 27 May 2025 15:04 CET | News

Türkiye has ordered the detention of 13 individuals as part of an investigation into the fintech company Papara over suspected money laundering and illegal betting.

 

The report published by public broadcaster TRT Haber mentioned that the company, which offers online money transfers, foreign-exchange transactions, and bill-payment services, was investigated for enabling illegal online betting money transfers.

Türkiye detains individuals in Papara probe over money laundering

Papara is involved in money laundering activities

The prosecutors ordered the detention of 13 people, including the founder and chairperson of Papara. Trustees have been appointed to manage the firm during the course of the probe. The investigation found that Papara played a key role in handling money for illegal betting, being used by criminal groups to transfer funds linked to crimes like forming criminal organisations, money laundering, and breaking laws on betting in sports.

A report from the Istanbul Chief Public Prosecutor's Office, quoted by Anadolu Agency (AA), revealed that the company received a permit to operate as an electronic money institution in 2016, indicating further that the company's accounts can collect fees at each transfer stage related to crypto exchanges and illegal betting. This means that the subsequent examination of these accounts did not disrupt betting transactions and allowed the company to earn income from these transactions.

The statement claimed that, according to reports received from the Central Bank of the Republic of Türkiye (CBRT), MASAK and other institutions, Papara is used in the commission of illegal betting crimes, and that the company facilitates the commission of this crime and the transfer of money in the commission of the crime.

The statement also indicated through conducted analysis that 102 of the 26,012 accounts opened through Papara systems were used on different illegal betting sites, and that the financial illicit volume obtained from these accounts is high. Within the scope of the investigation, assets of the organisation leader and members, including eight companies, yachts, five boats, three safe deposit boxes, 74 vehicles, seven apartments and villas, were seized.


Source: Link


Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: cryptocurrency, cybercrime, financial crime, money laundering, Account fraud
Categories: Fraud & Financial Crime
Companies: Papara
Countries: Turkey
This article is part of category

Fraud & Financial Crime

Papara

|
Discover all the Company news on Papara and other articles related to Papara in The Paypers News, Reports, and insights on the payments and fintech industry:





Industry Events