Turkey’s Denizbank CEO Indicted Over Alleged Footballer Ponzi Scheme
The chief executive officer of Denizbank AS, the Turkish subsidiary of UAE lender Emirates NBD PJSC, has been indicted on charges of aggravated fraud related to a massive Ponzi scheme targeting prominent footballers, Bloomberg reports.
Hakan Ates and his former deputy, Mehmet Aydogdu, face potential prison sentences of up to 240 years each, according to an indictment seen by Bloomberg and reported by Anadolu Agency.
The indictment alleges that Ates and Aydogdu were complicit in an illegal investment fund run by former Denizbank branch manager Secil Erzan. The fund reportedly solicited investments from high-profile footballers representing clubs such as Galatasaray, Barcelona, and Inter Milan. The players were allegedly promised unrealistic returns, with some deposits reportedly made in cash. The scheme collapsed when repayments became impossible to sustain.
Erzan, currently imprisoned awaiting trial on charges of fraud and forgery, has confessed to raising funds for the scheme but claims both Ates and Aydogdu were aware of her activities. She reportedly named the fund the “Terim Fund,” referencing former football manager Fatih Terim, whom she claims was also an investor.
Ates and Aydogdu have denied all allegations. Denizbank, a major lender to Turkish football clubs, initially stated in November 2023 that it was unaware of the transactions and that initial investigations showed no wrongdoing. However, days later, President Recep Tayyip Erdogan announced that senior bank executives were under investigation for their alleged involvement. The bank maintains it has not been formally informed of the indictment and declined further comment.
