Istanbul Operation Nabs 68 in Illegal Betting and Gambling Crackdown

Istanbul police have apprehended 68 suspects in a large-scale operation targeting illegal online betting and gambling activities. The crackdown was coordinated by the Istanbul Public Prosecutor's Office, following an analysis and evaluation report prepared by the Financial Crimes Investigation Council (MASAK).

Investigators identified a pattern of high-value transactions moving through electronic money institutions. These funds were then transferred to different bank accounts before a substantial portion was moved to cryptocurrency service providers. The descriptions accompanying these money transfers contained phrases linked to illegal betting and gambling operations, raising immediate red flags for the authorities.

An in-depth examination of banking transaction records revealed that a total of 100,250 transactions were conducted across the implicated accounts. The total volume of these transactions amounted to a staggering 76,284,877,311 Turkish Lira. A significant portion of these funds was subsequently transferred to cryptocurrency service providers.

Further investigation determined that much of the money moved into cryptocurrencies was converted into USDT, a stablecoin pegged to the US dollar. These USDT holdings were then transferred to external digital wallets. This method was employed in an attempt to launder the illicit proceeds and obscure the trail of the funds, which investigators concluded originated from illegal betting revenues. The 68 individuals arrested are currently undergoing processing at police headquarters.