Turkish President Recep Tayyip Erdoğan has urged Turks to avoid pyramid schemes as a scandal raged at a prime financial institution that allegedly defrauded celebrities and soccer stars of tens of millions of {dollars}.
Türkiye’s media has been crammed with headlines for days in regards to the troubles at privately-owned, Denizbank.
Court paperwork reported by Turkish media present that one of many financial institution’s Istanbul department managers orchestrated a $44-million scheme that promised 250% returns for these prepared at hand over piles of money.
The failed fund bore the title of Türkiye’s legendary soccer coach Fatih Terim and allegedly defrauded stars corresponding to former Barcelona midfielders Arda Turan.
Terim gained hero standing by main Istanbul’s Galatasaray to the UEFA Cup title in 2000.
He has not mentioned something in public in regards to the scandal.
The Istanbul department financial institution supervisor who created the fund, and reportedly obtained luggage stuffed with {dollars} from celebrities and gamers, mentioned that Denizbank managers knew in regards to the scheme.
Denizbank has denied the declare and mentioned it has launched an inside audit to research the fund’s collapse.
Erdoğan mentioned Saturday that “investigations into the suspects mentioned in this case continue.”
“Türkiye is a state of law and whoever commits unlawful acts will be punished,” Erdoğan mentioned in feedback launched by his workplace.
“Our citizens should not fall into the traps of fraudsters who offer high profits in a short time with the promise of easy money,” he mentioned.
Istanbul prosecutors are in search of greater than 200 years in jail for Denizbank department supervisor Seçil Erzan for allegedly organizing the rip-off.
Erzan reportedly launched the fund final yr to assist drum up money to cowl up previous funding losses.
Denizbank mentioned in a press release that it “first became aware of the issue when a complainant, who is also our customer, came to the branch” in April.
The financial institution added that “the amounts in question are not significant in terms of the size for the bank’s” whole belongings.
Denizbank now operates as a neighborhood unit of the Emirates NBD.
The Dubai-based lender bought it from Russia’s state-owned Sberbank in 2019.
Source: www.dailysabah.com