During the illegal betting investigation by the Istanbul Chief Public Prosecutor’s Office, officials issued detention orders for 13 suspects, including Ahmed Faruk Karslı, who owns Papara. The operation began at 05:00 in the morning; eight companies, one yacht, five boats, three safes, seventy-four vehicles, and eight properties linked to suspects were taken by authorities. TMSF took over as trustee of PPR Holding and more companies connected with Papara. 

Allegations claim Papara worked as an intermediary for illegal betting payments. At the same time, Interior Minister Ali Yerlikaya published images from the raid and confirmed the detection of transactions worth 12,879,558,000 TL. A Haber reporter, Mustafa Kadir Mercan, was the first to deliver key details to the public. A statement from the Central Bank of the Republic of Turkey (TCMB) explained that TMSF was assigned as Papara’s trustee and added: “Temporary daily limits on payments will be applied. Users’ money and payments are secured in protection accounts at the banks.”

For this same investigation, Papara’s owner, Ahmed Faruk Karslı, along with twelve more people also faced detention orders. TMSF’s appointment as trustee of the company was reported in the news.

Investigators from the Istanbul Chief Public Prosecutor’s Office established that Ahmed Faruk Karslı led the illegal betting group; Papara Electronic Money Inc., which has held a license to operate since 2016, started the flow of illegal betting money. 

Findings explained illegal betting groups transferred funds through Papara, while Papara Electronic Money Inc. collected fees during each step, covering both crypto exchange transactions and illegal betting payments. Officials checked these accounts and later confirmed that gambling transactions kept ongoing, with Papara making money from these operations.

Revealed in the Masak Report

MASAK reports showed Papara Electronic Money Inc.’s activity included illegal betting-related transactions. Documents highlighted that Papara Electronic Money Inc. was often and systematically involved in illegal betting crime, making it easier to commit this type of crime.

It Was Assessed That They Were in the Process of an Agreement with Illegal Betting Organizations

The studies found 26,012 accounts set up via Papara were present on 102 illegal betting and gambling website platforms, and the illegal financial volume from these accounts remained high. Authorities believed these sums were sent to 274 bank accounts by means of the Papara system; after that stage, the criminal income moved into 16 different crypto wallet addresses and was laundered. Investigators discovered that five owners of these crypto wallets worked together with illegal betting leaders, and that the payment company Papara was in the process of making a deal with organisations running illegal betting.

Minister Yerlikaya Shared the Images

Interior Minister Ali Yerlikaya posted many images from the operation on his social media page and gave the following explanations: “We carried out a simultaneous operation today, May 27, targeting Papara Inc. in Istanbul for the crime of Illegal Betting; thirteen suspects including the leader of the group were arrested. The Istanbul Provincial Police Cyber Crime Branch, together with the Istanbul Chief Public Prosecutor’s Office and the General Security Cyber Crime Department, found that accounts were opened in citizens’ names to finance illegal betting by using Papara’s system. The transaction of illegal money was made easier by these Papara accounts set up for crime-related funds. 

MASAK reports showed illegal bets were placed with Papara accounts registered to 26,012 people, and the detected transaction volume was 12,879,558,000 TL. Money kept in these accounts was then split to 274 bank accounts, and those funds got sent to crypto wallets owned by five people linked to four different illegal betting websites. Officials seized about five billion TL worth of assets: 10 companies including Papara A.Ş., suspects’ bank and crypto accounts, six boats, 74 cars, and eight residences. Minister Yerlikaya congratulated the Istanbul Governor, Istanbul Chief Public Prosecutor’s Office, Istanbul Provincial Police Chief, the police, and MASAK workers for acting together. He stated, illegal betting threatens not only individuals’ futures but the entire society. Our government will continue fighting illegal betting and online fraud to protect people.”

Sdif Appointed as Trustee

During this investigation, simultaneous detention orders were issued for thirteen suspects on May 27. A seizure ruling blocked assets owned by the leader and group members, including eight companies, yachts, five boats, three safes, seventy-four vehicles, seven apartments, and villas, mostly PPR Holding Inc. A court decision also appointed TMSF as trustee to control seized PPR Holding Inc. and other companies.

“Papara” Statement from TCMB

The Central Bank (TCMB) published an official statement about the Papara investigation. They wrote: “For the investigation numbered 2024/231483 of the Istanbul Chief Public Prosecutor’s Office, based on reports from the TCMB, MASAK, and others, the Saving Deposit Insurance Fund (TMSF) was appointed trustee by the responsible Court over Papara Elektronik Para A.Ş. (Establishment).” The announcement included further details:

“Money in Accounts Is Secure”

It was written that during this process, which happens in coordination with the relevant institutions, temporary daily limits will be set for payment transactions at the Organisation. Specifics will be provided directly by the organisation to the public when ready. The Central Bank reminded that, based on Article 22 of Law No. 6493, users’ funds in electronic money and payment institutions are protected in special accounts at banks. TCMB added it is keeping up monitoring and audits of payment and electronic money firms so they work safely, without pause, and efficiently.

The Most Beautiful Red of the Bosphorus Was Her

It turned out the striking, red-colored Sipahiler Ağası Mehmet Emin Ağa Mansion by the Bosphorus was sold to Papara owner Ahmet Faruk Karslı for 200 million TL.

Built in 1846

After the burning, people used the land as a parking site for a long time. Keten İnşaat took on the project to restore the building, using designs by Architect Emrah Ünlü, and construction started in 2013. Restoration aimed to keep the mansion’s original look. Work finished in 2017, and the garden of the mansion was planned to allow hosting of different events. With its ochre colour, Sipahiler Ağası Mehmet Emin Ağa Mansion became a very recognisable building by the Bosphorus.

20 Meters Long River

The mansion features a gross usable area of 485 square meters over a basement, ground, and first floor, across a land area of 603 square meters. Inside, Mehmet Emin Ağa Mansion offers an elevator and a dock with a width of five meters and a length of twenty meters. Recently, the mansion hosted well-known painter Taner Ceylan’s “Aheste Çek Ölkleri, Mehtab Uyanmasın” exhibition and was used as a film set for the 17th Istanbul Biennial.

It Was Valued at 25 Million Dollars

The building was first listed for 25 million US dollars, but the asking price later dropped to 17.5 million dollars. Buyers from places such as Russia and Iran showed interest while the mansion was on the market. Eventually, Papara owner Ahmet Faruk Karslı purchased it for 200 million TL.

First Details in a Haber

A Haber’s reporter, Mustafa Kadir Mercan, announced the operation’s details live on TV. He said the operation started at 05:00 in the morning. Detention orders were given for thirteen people in total. Eight companies, mainly Papara, along with a yacht, five boats, three safes, seventy-four vehicles, seven apartments, and one villa owned by organisation members were seized during the probe. Signals of this operation were noted by security teams in previous months.