Erden Timur, former vice chairman of Galatasaray, was formally arrested on money laundering charges tied to Turkey’s ongoing illegal betting investigation, according to local authorities.
Prosecutors allege that Timur’s real estate company, NEF, carried out suspicious financial transactions with individuals linked to illegal betting operations. Investigators claim some of these transfers were executed through cryptocurrency platforms.
Timur, 44, was detained last week and ordered into custody by an Istanbul court on Tuesday after giving testimony. He denied the accusations and said the transactions under review were regular payments from customers purchasing residential properties.
The case is being handled by judicial units responsible for terror financing and money laundering. Following the arrest, NEF canceled the planned sale of 250 million lira (about $8.5 million) in short-term debt, citing recent market developments.
The company confirmed, however, that it completed a 320 million lira payment on a prior debt issue that recently matured, marking early financial consequences linked to the investigation.
Source: Anadolu Agency (state-run news report)
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