Detention warrants were ordered for suspects in a probe related to a major Turkish conglomerate operating in sectors ranging from energy and education to media, according to reports Thursday. Charges include fraud, tax evasion and money laundering.
As part of the probe targeting Can Holding, the assets of 121 companies were seized, and detention warrants were issued for 10 suspects, Anadolu Agency (AA) reported. The charges included establishing a criminal organization, tax evasion, fraud and money laundering.
Can Holding owns major television channels Habertürk, Show TV and Bloomberg HT, along with the Istanbul Bilgi University and Doğa Koleji private schools, according to its website.
The investigation, conducted by the Küçükçekmece Chief Public Prosecutor's Office, alleged that a criminal organization had been established through companies operating under Can Holding.
This organization is said to have engaged in a multifaceted series of illegal activities, including aggravated fraud, tax evasion, transferring unidentified income into company accounts and laundering proceeds from crime.
The investigation was launched based on reports from the Financial Crimes Investigation Board (MASAK) and investigation reports prepared by financial audit units.
According to AA, investigators alleged that large sums of money from unknown sources were transferred through Can Holding companies. The funds were moved between various companies to conceal their origins. Tax liabilities were reportedly reduced through transactions without invoices and forged documents.
The criminal organization, allegedly led by holding owners Kemal Can and Mehmet Şakir Can, was said to have obstructed oversight by establishing numerous companies in the same sectors, altering boards of directors and distributing responsibilities among members to evade legal sanctions.
Investigators also alleged that cash capital increases were made in companies with no commercial activity. These increases were recorded as debts to shareholders, but the debts were inaccurate. The amounts were reinvested under the “Wealth Amnesty Law No. 7256,” a move prosecutors say constituted the laundering of criminal proceeds in violation of the law’s purpose.
MASAK reports suggested the organization expanded its commercial operations using illicit revenue from crimes including aggravated fraud, smuggling and violations of the Tax Procedure Law. Company acquisitions, share transfers and investments in strategic sectors such as education, media, finance and energy were reportedly financed with criminal proceeds to increase economic power and gain public legitimacy.
Financial transactions reviewed through MASAK reports indicated that suspects laundered illicit profits by diverting them to multiple sectors while attempting to establish a false reputation and influence in the economic sphere.
As a result of the operation, the assets of 121 companies were seized, and the Savings Deposit Insurance Fund (TMSF) was appointed as trustee.
