Turkish prosecutors have indicted 504 suspects over an alleged money-laundering network that handled nearly 40 billion lira, or about $1 billion, through shell companies and cryptocurrency transactions. Prosecutors are seeking prison terms of up to 34.5 years for the alleged ringleader and up to 31 years for network managers. According to a 1,548-page indictment, the group moved funds tied to illegal betting through the “M80” platform, jewelry stores and POS terminals. Part of the proceeds was then converted into cryptocurrency and transferred abroad. Prosecutors also allege that some members ran investment fraud schemes by luring victims with promises of high returns. The case has now entered judicial proceedings, according to crypto.news, cited by Techub.
Turkish prosecutors have indicted 504 suspects, alleging they laundered nearly 40 billion lira, about $1 billion, through shell companies and cryptocurrency transactions.
Prosecutors are seeking prison terms of up to 34.5 years for the alleged ringleader and up to 31 years for network managers.
Indictment details M80 platform and transfer routes
According to a 1,548-page indictment, the group moved funds tied to illegal betting through the “M80” platform, jewelry stores and POS terminals. Part of the proceeds was converted into cryptocurrency and sent abroad.
Case moves into judicial proceedings
Prosecutors also allege that some members carried out investment fraud by promising high returns. The case has entered judicial proceedings. The report was cited by Techub and attributed to crypto.news.
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