25.08.2026 17:30
In the Istanbul Chief Public Prosecutor's Office investigation into Cem Kucuk, the organized crime unit report revealed suspicious money flows. It was stated that 5 million TL of the 35.1 million TL that entered the accounts between 2019-2026 was inconsistent with journalism income and was "in need of explanation." While the transfers were assessed to be linked to favorable news coverage, cash loans, and joint money flows with other suspects, it was also determined that mediation was provided for a transfer of 1.1 million TL.
In the investigation conducted by the Istanbul Chief Public Prosecutor's Office against Cem Kucuk regarding the crimes of publicly disseminating misleading information, trading in influence, and laundering assets derived from crime, the financial money flow has been placed under scrutiny.
In the analysis report prepared by the Department of Combating Cyber Crimes (KOM) based on banking data for the 2019-2026 period obtained from MASAK, transactions amounting to 5 million 9 thousand 300 TL of the 35.1 million TL that entered Kucuk's accounts were assessed as "suspicious transactions requiring clarification." The report included assessments that the suspicious money transfers were linked to the news reports made, that some senders of money were common with other suspects in the same case file, and that in a notable transaction of 1.1 million TL, Kucuk acted as an intermediary for the transfer of funds.
NOTABLE FINDINGS IN CEM KUCUK'S FINANCIAL TRAFFIC
The financial investigation report added to the case file in the Cem Kucuk investigation conducted by the Istanbul Chief Public Prosecutor's Office revealed the suspicious money movements. In the analysis conducted on the raw banking data obtained from MASAK, after excluding transfers between Kucuk's own accounts, it was determined that 35 million 132 thousand 656 TL entered his accounts and 7 million 52 thousand 951 TL exited his accounts during the 2019-2026 period. The report found that of the total 35.1 million TL inflow, 14 million 474 thousand 332 TL consisted of deposit returns or credit, and 8 million 844 thousand 46 TL consisted of salaries and royalty income from various media organizations. In contrast, a total of 5 million 9 thousand 300 TL coming from 23 individuals and companies was specifically scrutinized due to their descriptions and transaction characteristics.
KOM: INCONSISTENT WITH THE PROFILE OF A SALARIED EMPLOYEE ENGAGED IN JOURNALISM
In the conclusion section of the financial investigation report, a striking assessment was made regarding the suspicious transfers totaling 5 million 9 thousand 300 TL. The KOM analysis recorded that the transaction descriptions of these transfers were insufficient, showed inconsistency with Kucuk's financial profile, and were "incompatible with the account profile of a person engaged in the profession of journalism and, as such, a salaried employee." The report assessed that the frequency and amounts of some transactions, particularly those made with the descriptions "debt" and "debt repayment," were at levels that could not be explained by ordinary personal debtor-creditor relationships, and these movements were found to "require clarification."
1.1 MILLION TL ARRIVED, TRANSFERRED TO INVESTMENT HOLDING AN HOUR LATER
One of the most notable money movements in the report occurred on December 1, 2025. At 12:05, Aytec Havar sent 1 million 100 thousand TL to Kucuk's account with the description "Cash Refund Received." Kucuk transferred 1 million TL of this amount to Euro Yatirim Holding A.S. only 1 hour and 34 minutes later, at 13:39, with the description "Capital Advance." The report noted that Aytec Havar was one of the names mentioned in the private placement capital increase transaction of Euro Holding, and found it noteworthy that the money inflow described as "Cash Refund Received" was immediately converted into a "Capital Advance." Following this transaction, KOM assessed that Kucuk acted as an intermediary in transferring money belonging to Aytec Havar to the company.
910 THOUSAND TL IN 23 SEPARATE TRANSFERS
Murat Sur was also among the names who sent money to Kucuk's account. According to the report, a total of 910 thousand TL came from Sur through 23 separate transactions between April 2025 and July 2026. It was determined that these transfers had no transaction descriptions, the average per transaction was approximately 40 thousand TL, and payments were generally made twice a month. Additionally, 616 thousand 800 TL came from Tahir Sarikaya, a suspect in the same investigation, through 30 separate transactions. Since these transfers also lacked descriptions, the money movements were assessed in the suspicious category.
17 SEPARATE MONEY TRANSFERS FROM ISMAIL CANAK
It was determined that Ismail Canak, for whom a detention warrant was issued within the scope of the same investigation, sent a total of 315 thousand TL to Kucuk in 17 separate transactions. The report stated that the descriptions of these transactions were insufficient, and phrases similar to "cash debt payment" were mostly used in the payments. It was also recorded that 244 thousand 500 TL came to Kucuk from Mustafa Erdem in 13 separate transactions. While the report noted that Erdem's employment record was "waiter," it stated that the one-way transfers, which bore no description, were found inconsistent with the person's Social Security Institution (SGK) employment record.
CONNECTION BETWEEN MONEY TRANSFERS AND NEWS REPORTS BEING EXAMINED
One of the most critical sections of the financial report for the investigation consisted of findings regarding the connection between some individuals who sent money and Cem Kucuk's publication and news activities. According to the report, 50 thousand TL was sent to Kucuk's account from Irem Turan, recorded as the assistant of Seyfettin Selim, the owner of Selim Construction. The KOM analysis stated that Kucuk made news in favor of Seyfettin Selim and assessed that the said 50 thousand TL was a "payment made in return for news." It was also recorded that a total of 30 thousand TL was transferred to Kucuk from Seyfettin Selim himself. The report assessed that this money movement could also be intended for making news in Selim's favor.
MONEY FROM THE COMPANY'S DRIVERS, POSITIVE NEWS ABOUT THE COMPANY'S BOSS
Two other different money transfers drew attention in the report. It was determined that 40 thousand TL was sent to Kucuk's account from Serdar Comert, whose employment records show him working as a driver at Atalay Demirbas's company Demand Construction, and 30 thousand TL from Erdinc Uluocak. The financial analysis report also included the information that Kucuk made positive news about Atalay Demirbas on August 13, 2025, along with these money transfers. Within the scope of the investigation, investigating the connection between the individuals who made the money transfers and the publications made afterwards or related to the same circle was one of the notable topics.
MONEY FROM SERDAR OZYURT, "FORBES COVER" NEWS UNDER SCRUTINY
The report determined that a total of 115 thousand TL was sent to Kucuk from Serdar Ozyurt in 3 transactions. In KOM's open-source search, while news indicating that Ozyurt was on the cover of the August/September 2023 issue of Forbes magazine published in the USA was assessed as "fake news," it was also recorded in the report that this news was voiced by Cem Kucuk in the national press. The fact that Ozyurt also sent high amounts of money to Tahir Sarikaya, a suspect in the same investigation, was additionally examined in terms of common financial connections in the case file.
SAME NAMES SENT MONEY TO BOTH CEM KUCUK AND TAHIR SARIKAYA
The financial analysis also revealed the common individuals who sent money to the accounts of Cem Kucuk and suspect Tahir Sarikaya in the same case file.
According to the report;
- Ismail Canak sent 315 thousand TL to Kucuk and 4 million 537 thousand 782 TL to Sarikaya,
- Serdar Ozyurt sent 115 thousand TL to Kucuk and 4 million 541 thousand 100 TL to Sarikaya,
- Emine Eke sent 50 thousand TL to Kucuk and 1 million 42 thousand TL to Sarikaya,
- Sabri Akin sent 142 thousand 500 TL to Kucuk and 300 thousand TL to Sarikaya,
- Guntay Irmak sent 38 thousand TL to Kucuk and 357 thousand 300 TL to Sarikaya.
In the KOM report, the fact that two suspects received money from the same people was also evaluated separately under the heading “Joint actions with other suspects.”
COLLECTED 450 THOUSAND TL TWO YEARS AFTER LEAVING THE COMPANY WHERE HE WAS A MINOR PARTNER
The report also highlighted the money flow between Küçük and Fil Ayakkabı Aksesuar Dış Ticaret Limited Company, where he was formerly a shareholder. It was determined that although Küçük transferred his share and left the partnership in 2023, he received a total of 450 thousand TL from the company in 2025 through two separate transactions. The financial investigation unit also included these transfers, which occurred approximately two years after the partnership ended, on the list of suspicious money inflows.
“REQUIRING EXPLANATION” DETERMINATION FOR 5 MILLION TL IN 35.1 MILLION TRAFFIC
In the conclusion section of the KOM report, it was concluded that the explanations for a total of 5 million 9 thousand 300 TL received from Aytaç Havar, Murat Sur, Tahir Sarıkaya, İsmail Çanak, Serdar Özyurt, and other individuals and companies were insufficient and inconsistent with the financial profile. The report also noted that Küçük and Tahir Sarıkaya receiving money from a series of common individuals, the connections of Küçük's positive publications about some people with the money movements in terms of time and parties, and the transaction of 1 million TL transferred to Euro Yatırım Holding were among the financial topics to be deepened in the investigation.
The report specifically recorded that these findings were created by KOM's analysis of raw banking data obtained from MASAK, and that a definitive financial conclusion could only be reached after a banking or financial expert examination. The investigation by the Istanbul Chief Public Prosecutor's Office continues in multiple directions.