27.05.2025 19:10
A trustee has been appointed to Papara, where the illegal betting operation was organized. The Central Bank stated in its announcement, "Accounts are secure. Temporary limits will be applied to payments on a daily basis."
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Operations were carried out on Papara this morning as part of an investigation conducted by the Istanbul Chief Public Prosecutor's Office regarding illegal betting, establishing an organization for the purpose of committing crimes, and money laundering of assets derived from crime.
14 DETENTIONS IN OPERATION ON PAPARA
In the operation where trustees were appointed to 10 companies and approximately 5 billion TL worth of assets were seized, 14 people, including Papara's owner Ahmet Faruk Karslı, were detained.
TRUSTEE APPOINTED
A new development has occurred in the investigation. A trustee has been appointed to Papara. In a statement from the Central Bank, the following was stated: "Based on the reports of the Istanbul Chief Public Prosecutor's Office, the Central Bank of the Republic of Turkey (CBRT), the Financial Crimes Investigation Board (MASAK), and other relevant institutions, a trustee has been appointed to Papara Electronic Money Inc. (the Organization) by the relevant Court under investigation number 2024/231483."
TEMPORARY DAILY LIMIT IMPOSED ON PAYMENTS
In this process, which will be carried out in coordination with the relevant institutions, temporary daily limits will be applied to payment transactions at the Organization. Details will be announced by the Organization.
"USERS' ACCOUNTS ARE SECURED"
Under Article 22 of Law No. 6493, the funds of payment service users in payment and electronic money institutions are secured in protection accounts at banks. The CBRT continues its supervision and inspection activities to ensure that payment and electronic money institutions operate safely, uninterruptedly, effectively, and efficiently.
Information on Active Payment and Electronic Money Institutions and their Activity Licenses can be accessed here. It is presented to the public."
DETAILS OF THE OPERATION
In the investigation conducted by the Istanbul Chief Public Prosecutor's Office, it was determined that Ahmed Faruk Karslı, the owner of the electronic money institution named Papara, is the leader of an illegal betting organization and that Papara Electronic Money Inc., which has been operating with a license since 2016, facilitated illegal betting money traffic. It was also found that illegal betting organizations carried out money transfers through Papara, and that accounts at Papara Electronic Money Inc. could collect fees at each transfer stage related to cryptocurrency exchange transactions and illegal betting. It was determined that subsequent examinations of these accounts did not disrupt betting transactions and that the company earned income from these transactions.
REVEALED IN MASAK REPORT
According to the findings in MASAK reports, the transactions of Papara Electronic Money Inc. also included transactions involving illegal betting crimes, and it was understood that the operations facilitated the commission of this crime by systematically and intensively using the Papara Electronic Money Inc.
ASSESSED TO BE IN A COOPERATION PROCESS WITH ILLEGAL BETTING ORGANIZATIONS
In the studies conducted, it was determined that a total of 26,012 accounts opened through Papara systems were used on 102 different illegal betting and gambling sites; the illegal financial volume obtained from these accounts was found to be high. It was determined that these amounts were transferred to 274 different bank accounts through the platform; subsequently, the proceeds of crime were attempted to be laundered by directing them to 16 different cryptocurrency wallet addresses. It was also understood that the owners of 5 identified cryptocurrency wallet accounts were in cooperation with the leaders of illegal betting organizations, and it was assessed that the payment institution named Papara was in a cooperation process with illegal betting organizations.
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