More suspects detained in major Grand Bazaar money laundering op

ISTANBUL

The number of detentions on Feb. 5 reached 40 in a large-scale money laundering operation involving Istanbul’s iconic Grand Bazaar, with police showcasing seized vehicles.

Authorities have uncovered that 93 shell companies were set up under eight businesses engaged in the buying and selling of precious metals and foreign currency within the Grand Bazaar.

These companies, controlled by criminal organizations, funneled proceeds from fraud and online gambling into the legitimate banking system, thus laundering the illicit funds.

The suspects are believed to have facilitated the circulation of 9 billion Turkish Liras (over $250 million) in illegal money.

Following the operation, which targeted suspects across 12 cities in Türkiye, the number of detentions rose to 40.

Along with 10 vehicles, valued at 125 million liras, seized from the suspects, authorities also confiscated four armored vehicles, as well as six plots of land, two parcels, a shop and eight apartments. The seized vehicles were displayed in front of the police station.