18.11.2025 11:04
IQ Money Payment Services and Electronic Money Inc., which was found to have conducted irregular money transfers, has been appointed a trustee by the Savings Deposit Insurance Fund (TMSF). In the operation, 26 suspects were detained.
As part of the investigation conducted by the Istanbul Chief Public Prosecutor's Office, it has been determined that IQ Money Payment Services and Electronic Money Inc. systematically intermediated organized crime activities, primarily illegal gambling and qualified fraud, through high-volume financial transfers. It was established that $155 billion in illegal income was generated during the operation, and the Savings Deposit Insurance Fund (TMSF) was appointed as the trustee. A total of 26 suspects were also taken into custody during the operation.
An operation was carried out this morning against IQ Money Payment Services and Electronic Money Inc. on charges of a series of organized crime activities, including "illegal gambling and qualified fraud." The Istanbul Chief Public Prosecutor's Office announced that a detention order was issued for 28 suspects as part of the simultaneous operation; 26 of them were detained, and during searches conducted at the residences of the suspects and the company headquarters, all digital infrastructure and financial records of the company, as well as movable and immovable assets and company shares believed to have been obtained from the crime, were seized. The company was appointed a trustee by court order from TMSF.
$155 BILLION IN ILLEGAL INCOME
The Chief Public Prosecutor's statement regarding the matter is as follows:
"The investigation conducted by the Anti-Money Laundering and Terrorism Financing Prevention Bureau of the Istanbul Chief Public Prosecutor's Office has deepened based on findings that IQ Money Payment Services and Electronic Money Inc. systematically intermediated organized crime activities, primarily illegal gambling and qualified fraud, through high-volume financial transfers, within the scope of the investigation into the crimes of Establishing an Organization for the Purpose of Committing Crimes, Violation of Law No. 7258, Qualified Fraud, and Money Laundering of Assets Derived from Crime."
NOT IN LINE WITH THE ORDINARY FLOW OF LIFE
In analyses conducted by MASAK, it was determined that the transaction volume of approximately 155 billion TL that occurred with IQ Money is not in line with the ordinary flow of life, that transactions were carried out within short time frames and with high frequency, that there was an unusual imbalance between the number of deposit and withdrawal transactions, and that expressions such as 'bet', 'gambling', 'game', 'lottery', and 'fraud' were frequently repeated in transaction descriptions. Additionally, strong suspicion arose that approximately 78 billion TL obtained from the crime by individuals conducting transactions through the company was related to illegal gambling, qualified fraud, and money laundering activities.
FRAUD AND ILLEGAL GAMBLING
In the audit reports prepared by the Central Bank of the Republic of Turkey, it was found that despite the cancellation of the operating license on 22/11/2023, the company named IQ Money systematically continued its money transfer and payment intermediary operations, that there were numerous financial movements containing suspicions of fraud and illegal gambling, that some transactions were conducted through the personal accounts of company executives in an attempt to conceal traces, and that the audit process was obstructed by the late, incomplete, or non-submission of information and documents. It was also assessed that irregular contract processes were carried out within the scope of POS services, that high-risk and repetitive POS transactions were concentrated, and that risk control mechanisms in the merchant acceptance processes were deliberately disabled. It was observed that all of these irregularities directly overlapped with complaints of illegal gambling cycles and fraud.
26 PEOPLE IN CUSTODY
As part of the simultaneous operation carried out on November 18, 2025, a detention order was issued for 28 suspects; during searches conducted at the residences of the individuals and the company headquarters, all digital infrastructure and financial records of the company, as well as movable, immovable assets, and company shares believed to have been obtained from the crime, were seized.
Simultaneously with the operation, a decision was made by the Istanbul Duty Magistrate's Court to appoint the Savings Deposit Insurance Fund (TMSF) as the trustee for the company, and the company was seized in accordance with Article 17 of Law No. 5549.
It was determined that one of the company executives subject to the detention order was located abroad, and necessary efforts are ongoing to issue a red notice for this individual. The investigation conducted by our Chief Public Prosecutor's Office is being carried out comprehensively in the context of combating money laundering of assets derived from crime, illegal gambling activities, and qualified fraud crimes, and is respectfully announced to the public."