Turkish authorities bust an illegal betting group, detain 46 individuals and seize $40M in crypto

According to recent reports, the Turkish government found an illegal betting company that was using cryptocurrencies to hide the proceeds from crime. Following the investigation, law enforcement officers detained 46 participants in the fraud and seized digital assets worth $40 million.

A local report claims that the suspects have been detained by the Turkish police in the nation’s capital Ankara, Kayseri, Van, Yozgat, and other locations.

These individuals, according to the Office of the Chief Public Prosecutor, were members of a criminal group with roots in Ankara that disobeyed Law No. 7258 (the legislation that regulates fair betting on sports games).

Turkish government: “This is just the beginning”

The group allegedly operated an illicit sports betting racket and sent their profits to multiple crypto accounts. Some of the addresses belonged to Turkish Cypriot businessman Halil Falyali, who is believed to be the leader of a different mafia organization. He was assassinated earlier this year in Kyrenia, Cyprus, at his residence.

The gang processed digital currency valued at around $135 million, according to the prosecution. Süleyman Soylu, Turkey’s interior minister, claimed that the government had already seized about a third of that amount and stated:

“This operation came out of Turkish Cyprus and is linked to the murder of Halil Falyali. A transfer of approximately TL 2.5 billion of money occurred. Approximately $40 million of money has been confiscated at the moment.”

In an effort to support their efforts to eradicate such crime on the Old Continent, the Ministry has also sent investigation-related files to numerous European authorities.

The country on the other side of the continent has recently seen a rise in the number of scams involving cryptocurrencies. The case of the infamous trading platform Thodex is probably the most well-publicized.

Despite the rising crypto-related crimes in the region, exchange giant Binance recognizes the potential it carries and recently selected Turkey to launch its first customer service center.