Turkish prosecutors seek 73 years for suspects in fake gold scheme

Istanbul prosecutors have concluded their investigation into a company accused of producing and selling fake gold. Seven suspects face up to 73 years in prison for allegedly using inexpensive metals like zinc and copper, altering their appearance to resemble gold, and selling them online with fraudulent certificates and packaging.

The indictment details how the suspects allegedly processed worthless metals to create a gold-like appearance. Some materials used in production were reportedly smuggled into Turkey. The investigation also uncovered the imitation of coin molds from the era of Sultan Mehmed V Reşad and the procurement of products from Istanbul's Grand Bazaar.

NZP Gold and affiliated companies allegedly operated without authorized refinery status. Despite warnings from the Turkish Patent and Trademark Office to withdraw counterfeit products, the company reportedly ignored the directives. A report from the Financial Crimes Investigation Board (MASAK) flagged a suspicious capital increase of 50 million lira within the company.

In their defense, the suspects claimed some products were for trial purposes, while others were manufactured before a regulatory change in 2023. The case highlights a significant alleged fraud operation within the Turkish gold market.

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