98 Charged in €1.8M CEO Fraud Scheme Targeting Global Firms
A major international fraud operation has been uncovered, with 98 individuals accused of involvement in a criminal network. The group allegedly defrauded seven foreign companies of nearly €1.8 million through a sophisticated CEO fraud scheme. Turkish authorities have now charged 13 defendants with crimes including money laundering, fraud, and corruption.
The indictment reveals that the organisation, active since 2023, used fake identities to open and manage bank accounts for moving stolen funds. Six of the accused are classified as leading members, while 92 others are considered active participants in the scheme. Their operations relied on manipulating supplier payment details, redirecting large sums to accounts under their control.
Investigators found that a bank employee assisted the group by raising online transaction limits, allowing immediate transfers of substantial amounts. During raids, authorities confiscated extensive records, IT devices, luxury goods, two vehicles, and over €200,000 in cash. Ten defendants remain in pretrial detention, while another faces strict conditions, including a travel ban and a requirement to report to police twice weekly. The charges against the 13 individuals include criminal association, money laundering, aggravated fraud, forgery, and passive corruption.
The fraud resulted in total losses of €1,799,395.59 for the affected companies. The case remains under investigation, with 407 individuals implicated in the wider network. Authorities continue to examine the group's connections and the full extent of its operations.
