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Tracking Devices and Bags of Cash: A Soccer Scandal in Turkey

Dec 1, 2023

New details are emerging of a wild story involving European soccer stars and tens of millions of lost dollars.

Former Barcelona and Atletico Madrid winger Arda Turan is among the victims of a $44 million Ponzi scheme that played out in Turkey last year, according to an indictment filed in court last week. The former Turkish national team member told Bloomberg he lost $7.5 million by investing in a secretive fund run by a local bank manager.

According to court documents, Secil Erzan — a now-jailed former manager of a DenizBank AS branch — took large sums of cash from clients, including prominent players, and promised a 250% return on the investments. “People who bring me cash come in with a bag,” Erzan said in her testimony after being arrested in April. “And they leave with an empty bag.”

Source: Front Office Sports

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