27.05.2025 09:51
A detention order has been issued for Ahmed Faruk Karslı, the owner of the electronic money institution Papara, on the grounds that he is the leader of an illegal betting organization. Karslı drew attention in 2023 by purchasing the Mehmet Emin Ağa Yalısı, which is easily recognizable by its red color, for 200 million. A graduate of law school, Ahmed Faruk Karslı founded Papara in 2015, which has been seized in the illegal betting investigation.
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In the investigation conducted by the Istanbul Chief Public Prosecutor's Office, it was revealed 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 determined that illegal betting organizations carried out money transfers through Papara, and that the accounts at Papara Electronic Money Inc. could collect fees at every transfer stage related to cryptocurrency exchange transactions and illegal betting. It was also found that subsequent examinations of these accounts did not disrupt betting operations, and the company generated income from these transactions.
REVEALED IN MASAK REPORT
According to the findings in the 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.
CONSIDERED 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 substantial. It was revealed that these amounts were transferred to 274 different bank accounts through the platform; subsequently, the proceeds of crime were directed to 16 different cryptocurrency wallet addresses in an attempt to launder the money. Additionally, it was understood that the owners of 5 identified cryptocurrency wallet accounts were collaborating with leaders of illegal betting organizations, and it was assessed that the payment institution named Papara was in a cooperation process with illegal betting organizations.
TMSF APPOINTED AS A TRUSTEE
Within the scope of the investigation, a simultaneous detention order was issued for 13 suspects on May 27. A seizure measure was applied to the assets of a total of 8 companies, including PPR Holding Inc., as well as yachts, 5 boats, 3 rental safes, 74 vehicles, 7 apartments, and villas belonging to the organization leader and members. PPR Holding Inc. and other companies that were seized were appointed as trustees by the Istanbul Duty Magistrate's Court.
HAD PURCHASED "THE MOST BEAUTIFUL RED" OF THE BOSPHORUS
While these developments regarding the operation were taking place, a detention order was issued for Ahmed Faruk Karslı, the owner of Papara. Karslı drew attention by purchasing the mansion of Sipahiler Ağa Mehmet Emin Ağa for 200 million lira in 2023, which is immediately noticeable with its red color. The mansion of Sipahiler Ağa Mehmet Emin Ağa is one of the most striking structures of the Bosphorus with its bright painted color.
NAME SPONSOR OF TRABZONSPOR STADIUM
Ahmed Faruk Karslı, who came to the agenda with news of purchasing a mansion for 200 million lira on the Bosphorus, is also the name sponsor of Trabzonspor's stadium.
WHO IS AHMED FARUK KARSLI?
Ahmed Faruk Karslı, who started his entrepreneurial career by selling his first company at the age of 19, is known for his ventures in various sectors. A graduate of the Faculty of Law, Ahmed Faruk Karslı also works as a freelance lawyer.
Karslı founded Papara Electronic Money Inc. (Papara) in 2015 and served as the CEO of Papara from 2020 to 2022.
In 2021, he led the establishment of PPR Holding.
While continuing his role as Chairman of the Board, Ahmed F. Karslı took over the CEO position at Papara as of February 2025.
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