Finance Ministry to join high-profile fraud case

ISTANBUL

An Istanbul court has approved the request of the Treasury and Finance Ministry to participate in a high-profile fraud case that implicates prominent football figures among other individuals.

Seçil Erzan, a former branch manager at private lender Denizbank, is accused of orchestrating a scheme that defrauded over 20 individuals of approximately $44 million. The scheme promised significant returns from a purported "secret special fund."

The trial has captivated public attention, with media reports suggesting a network led by renowned Turkish coach Fatih Terim encouraged others, including notable footballers Arda Turan and Fernando Muslera, to invest in the fraudulent fund.

The prosecutor of the case seeks 358 years in prison for Erzan.

During the latest hearing on Nov. 15, the ministry sought permission to join the case.

The court granted the request to join the proceedings, taking into account “the possibility that “the ministry might have been harmed by the offence.”

The ministry’s attorneys will collaborate with judges and prosecutors to direct questions toward both the primary suspect, Erzan, and the victims.

Days before the Nov. 15 hearing, the former bank manager sent a letter to the court, claiming that no one appearing as a victim in the case had actually suffered any harm, accusing them of usury.

In her letter, Erzan explained that a system was established in which everyone stood to benefit, with all participants aware of the arrangement.

She argued that as losses began to accrue, the situation was reframed as a fraud case, asserting that no one had been deceived and that all parties were fully aware of the circumstances.

In August, coach Terim rejected claims that he encouraged several footballers to provide money to the so-called fund.

Terim accused the bank and its manager Erzan of exploiting his reputation and financial resources for their own gain.

Terim revealed that he did not transfer any funds to the fraudulent scheme, adding that he had discovered that $3 million, held in an investment account within the bank, had gone missing.

"After this scandal emerged, I had my accounts thoroughly examined. The investigation revealed significant discrepancies between the amounts I had deposited in and withdrawn from Denizbank."