Man Caught Profiteering 500 Million Lira with ‘Cub’ System
Local jeweler, Ahmet Ö., caught in 500 million lira scam
Ahmet Ö., a third-generation jewelry store owner in Orhangazi, has been caught in a fraudulent scheme involving the sale and profiteering of gold. After 80 years of operation in the goldsmith industry, the store sold Republic gold below market value to a select group of individuals through a system called ‘Cub.’ The scheme promised the purchasers a monthly profit on their investment in gold.
As the system gained traction, it eventually evolved into giving commissions to participants. Depending on their involvement, individuals received commissions ranging from 4 to 30 percent. However, as the promised profits failed to materialize and the jeweler was nowhere to be found, concerned participants began to file complaints with the prosecutor’s office.
Following a series of complaints, the Orhangazi Chief Public Prosecutor’s Office launched an investigation. The jewelry store was closed, prompting a search for answers. It was later discovered that an estimated 500 million lira had been collected from the participants.
A special team was formed by the Bursa Provincial Police Department to investigate the fraudulent activities. Following a coordinated effort, the team successfully located Ahmet Ö. and several others involved in the scheme. Confiscating a significant sum of money and other assets, the authorities detained the suspects involved.
Ahmet Ö., who has been brought in for questioning, has confessed to orchestrating the fraudulent scheme, admitting to taking out loans and accepting gold and money from others. He expressed regret for his actions as the number of individuals complaining about the scam continues to rise.
As the investigation unfolds, the local community remains shocked by the actions of a trusted figure in the jewelry industry. Nevertheless, authorities are committed to holding the responsible parties accountable for their actions.
