Turkish authorities have dismantled a major unlicensed financial network accused of laundering more than one billion dollars and maintaining extensive connections in Libya, North Africa, Russia and Central Asia, according to reporting by Türkiye Today.
Istanbul Police carried out a sweeping operation last month targeting illegal money-laundering activity concentrated in the city’s well-known Laleli district, where authorities estimate the value of illicit transactions at 50 billion Turkish lira (approximately $1.2 billion).
Although Laleli is widely recognised for its textile trade, investigators found that a parallel financial system was operating through an informal banking network linking Turkey to foreign markets. Both licensed and unlicensed money-management firms reportedly facilitated payments for exporters seeking to bypass formal banking channels.
According to investigators, one of the companies at the centre of the network, operating under the name Laleli Altin Ticaret, recorded more than $155 million in incoming funds and $107 million in point-of-sale (POS) transactions, many of which were tied to affiliated companies in Libya.
Police also seized 472 forged passports, raising concerns about the international scale of the money-laundering operation and its potential use for cross-border criminal activity.
The investigation revealed that POS devices—computer systems used for processing payments in commercial outlets—were shipped to Libya, where card transactions took place locally. However, the systems were configured to register payments in Turkey, creating the impression that all activity occurred within Turkish territory, and allowing the network to move funds covertly.
Witness statements indicated that foreign clients were paid commissions of up to 2% for each money transfer. A manager at a private bank in Istanbul is also suspected of playing a key role in facilitating the flow of funds and enabling the network’s operations.
The investigation remains ongoing as Turkish authorities expand their inquiries across several regions.
