Notorious Businessman Seeks Retail Investment

Turkish businessman Fadıl Akgündüz, popularly known as “Jet Fadıl” and notorious for accusations of cheating investors in his projects, is preparing to establish a retail chain and collect money via franchises, sources close to the matter have said.

Akgündüz plans to introduce a retail chain named İmza Pazarlama (İMPA) with 700 branches across Turkey, a project apparently aimed at improving the image of the controversial businessman, who suffered protests and criticism due to alleged fraud. The businessman provided the details of his newest investment plan online, referring to the retail project as “a business that caters to Muslim businesspeople in modern life.” Akgündüz also posted a model for his planned shopping mall on his website. Observers said the businessman's new investment plan would add more people to the list of those who have already been swindled by his projects.

In 2012, Akgündüz reportedly collected more than TL 1 billion from 12,000 timeshare buyers who were not reimbursed for their investment in a hotel when its construction was not completed. Earlier this year, Akgündüz sent a letter to the timeshare buyers, saying: “Do not call us. Do not ask when we can reimburse you. Wait for news from us and find new customers for your timeshare so we will be able to pay you back.”

On Nov. 9, a group of investors allegedly swindled by Akgündüz staged a protest in İstanbul, decrying his shady business practices and urging that he not be given another opportunity to cheat investors.

Akgündüz was fined by the Ministry of Customs and Trade for engaging in unfair competition after he billed the aforementioned hotel, the Caprice Gold, as a “seven-star hotel,” when no such official standard exists.

(Cihan/Today's Zaman)