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Turkish authorities have launched a significant crackdown on illegal gambling and money laundering activities, with fintech giant Papara at the center of the investigation. Papara is the organization that recently acquired Sadapay.
On May 27, 2025, coordinated raids across Istanbul led to the detention of 13 individuals, including Papara’s founder and chairman, Ahmet Faruk Karslı. The Istanbul Chief Public Prosecutor’s Office has brought serious charges against the suspects, including establishing and participating in a criminal organization, laundering crime, and violating laws related to betting and gambling in sports competitions.
Investigations revealed a staggering scale of illicit activity facilitated through Papara’s platform. Over 26,000 accounts were allegedly opened within Papara’s system, processing transactions totalling approximately 12.9 billion Turkish Lira (around $330 million) linked to illegal betting operations. These funds were reportedly funnelled into 274 different bank accounts before being transferred to cryptocurrency wallets associated with individuals involved in illicit betting networks.
In response to these findings, authorities have taken decisive action, seizing assets valued at approximately 5 billion Turkish Lira. This includes luxury items such as yachts, boats, vehicles, and properties directly tied to the suspects. Furthermore, the Savings Deposit Insurance Fund (TMSF) has been appointed as a trustee to oversee Papara and eight other companies implicated in the investigation.
Before this investigation, Papara was a leading Turkish fintech company, valued at over $2 billion, offering a wide range of financial services, including online money transfers, foreign-exchange transactions, and bill payments.
