A Million-Dollar Heist: The Reward Receiver
Izmir Financial Crimes Fighting Branch Directorate uncovers major embezzlement scheme in insurance company
An investigation conducted by the Izmir Financial Crimes Fighting Branch Directorate has revealed shocking findings of illegal activities within an insurance company. The suspect known as KG was found to have taken control of the majority shares of the company, which was already insolvent due to its debts.
It was discovered that KG had embezzled a significant portion of the company’s capital during the 5 months he managed the company. To avoid scrutiny from the Insurance and Private Pension Regulation and Supervision Agency, funds from the company were transferred to various companies under the guise of purchasing goods and services. These funds were later funneled into KG’s personal accounts.
Further examination of company invoices revealed that personal expenses of KG and board member TE, as well as their families, were paid using company funds. Expenses such as hotel accommodations, hospital bills, clothing, and even home renovations were covered by the company’s capital.
In a surprising twist, KG was awarded the Businessman of the Year award with a reward of 180 thousand TL. Company employees involved in the scheme were heard saying, “He eats, we bear the stress” during conversations over the IP phone system.
The investigation also uncovered that the insurance company managers embezzled approximately 15 million TL and made inflated payments to companies linked to them, resulting in a total public loss of nearly 100 million TL.
In a coordinated operation in Istanbul and Ankara, 11 suspects, including KG, were apprehended and detained in connection to the embezzlement scheme. The authorities are continuing their investigation to uncover the full extent of the wrongdoing and bring those responsible to justice.
