TLDR Istanbul police detained 68 people in a money laundering investigation tied to illegal betting. Investigators traced more than 76.2 billion Turkish lira, or about $2.22 billion, in transactions. The probe was led by Istanbul’s Cybercrime Department with help from Türkiye’s Financial Crimes Investigation Board (MASAK). Over 100,000 transactions were reviewed, many linked to unlawful betting and gambling payments. Investigators say funds were converted into the stablecoin USDT to hide their origin.
Police in Istanbul have detained 68 people accused of running a large money laundering operation connected to illegal betting and gambling.
The investigation was carried out by Istanbul’s Cybercrime Department. It worked under the direction of the Chief Public Prosecutor’s Office.
Officials say the network moved more than 76.2 billion Turkish lira through the financial system. That amount is close to $2.22 billion.
How the Investigation Started
The case began after Türkiye’s Financial Crimes Investigation Board, known as MASAK, prepared an analysis of suspicious money flows.
That analysis helped investigators map how funds moved through banks and payment platforms. It became the foundation of the wider criminal case.
Authorities say the operation processed payments through electronic payment services first. From there, the money was spread across many different bank accounts.
Investigators believe this step was meant to break up large sums into smaller transfers. Smaller transfers are harder to flag and trace.
Officials reviewed more than 100,000 individual transactions during the investigation. Many of the payment records included descriptions linking them to illegal betting activity.
Crypto Wallets Used to Move Money
A large part of the money was converted into the stablecoin USDT, according to investigators. USDT is a cryptocurrency designed to hold a steady value tied to the US dollar.
Once converted, the funds were sent to cryptocurrency wallets outside the regular banking system.