Second hearing unfolds in trial of alleged swindling of football stars

ISTANBUL

The trial of a former branch manager of private lender Denizbank, accused of orchestrating a pyramid scheme that allegedly swindled renowned football stars, including Arda Turan and Fernando Muslera, entered its second hearing at an Istanbul court on Jan. 12.

According to the indictment, Seçil Erzan is charged with defrauding 21 individuals of approximately $44 million by luring them into a pyramid scheme promising substantial returns from a "secret special fund."

The prosecution alleges that while Erzan made partial payments to some investors, including business magnates, she failed to pay returns or principal amounts to the majority of the victims.

During the trial, Erzan claimed to have significantly improved the financial standing of the football stars involved. "Their cars were upgrading to the next model. They were buying fields. They were earning money three, five or 10 times their income."

Erzan admitted that she had been engaged in this "fund business" since 2010, but as from 2020, she had been using funds from new entrants to the system to pay profits to others.

She pointed to former Galatasaray player Semih Kaya's demand for additional interest income as a contributing factor to the challenges, stating, "If Semih had not asked for so much interest... I would have solved it anyway. Everyone else was in the plus. I gave him an extra $4.5 million."

In her plea, Erzan urged the Financial Crimes Investigation Board (MASAK) to scrutinize everyone's accounts, insisting, "I can't explain my problem to anyone... Everyone eats and drinks, but Seçil pays the bill."

An Istanbul prosecutor is seeking a 216-year jail term for Erzan on charges of "aggravated fraud" and "document forgery." Erzan has been in custody since April of the previous year.

For its part, Denizbank has previously denied responsibility for the incident and financial losses suffered by the victims.