Turkish President Recep Tayyip Erdogan on Saturday urged his fellow citizens to stay away from pyramid schemes, as a scandal rages at a bank that allegedly bilked millions of dollars from celebrities and soccer stars. For several days, the Turkish media have been making headlines on the setbacks of the Denizbank bank, at the center of a pyramid scam.
Court documents reported by the press show that one of the directors of the Istanbul branch of this bank organized an illegal scheme involving 44 million dollars, promising returns of 250%. The bankrupt fund was named after legendary coach Fatih Terim, who led Istanbul club Galatasaray to the UEFA title in 2000. It allegedly defrauded stars such as the former FC Barcelona midfielder , Arda Turan.
This banker allegedly received bags full of dollars from celebrities and gamblers and assured that Denizbank executives were aware, which the bank denied. “Turkey is a state of law and anyone who commits illegal acts will be punished,” President Erdogan said in a statement on Saturday. “Our fellow citizens must not fall into the traps of fraudsters who offer high profits in a short time.” Denizbank, which now operates as a subsidiary of Dubai-based Emirates NBD Bank, said in a statement that it “became aware of the issue when a complainant, who is also our client, came to the agency” in April.