Turkish fintech company Papara hit by illegal betting operation

ISTANBUL

Turkish police on May 27 launched a major operation targeting Papara, one of the country’s leading electronic payment platforms, as part of an investigation into illegal betting and money laundering.

Papara, which offers online money transfers, foreign-exchange transactions and bill-payment services, has been under investigation for allegedly facilitating illegal betting, Istanbul Chief Public Prosecutor’s Office said in a statement.

The operation early on May 27 resulted in the detention of 13 suspects, including the company’s owner, Ahmet Faruk Karslı.

Authorities identified over 100 accounts opened through the platform that were used on various unauthorized gambling and betting websites, the statement noted.

The total volume of unlawful betting operations carried out via these channels amounted to 12.8 billion Turkish Liras (approximately $328 million).

According to prosecutors, illegal revenues were funneled through Papara and distributed to 274 different bank accounts.

The investigation also uncovered five crypto wallet accounts believed to be linked to ringleaders of illegal betting networks. Authorities stated that Papara was engaged in a covert agreement with these criminal groups.

In addition to the detentions, authorities seized a wide array of assets. The confiscated property included a yacht, five boats, three safety deposit boxes, 74 vehicles and seven apartments.

The total value of the seized assets is estimated at 5 billion liras, Interior Minister Ali Yerlikaya said.

Court-appointed trustees have been assigned to eight companies, including Papara.

The operation comes amid a broader crackdown on illegal betting and related money laundering activities in Türkiye, which have seen a notable increase in recent years. Law enforcement and prosecutors have intensified efforts to dismantle these networks.

In a latest major operation on March 14, authorities raided 23 companies in Istanbul, including a television station, an investment bank and a digital payment provider, over similar allegations. That operation targeted Flash TV, BankPozitif and PayFix, among others.