Turkey has opened a sweeping money laundering investigation into companies owned by Cypriot-Norwegian fintech entrepreneur Ozan Özerk, marking the latest development in a complex saga that spans multiple jurisdictions, regulatory systems, and allegations of criminal exploitation of financial technology. Although Özerk himself has not been named as a suspect, the widening probe is shining an intense spotlight on the opaque structures surrounding his business empire-and on the vulnerabilities that continue to plague the global fintech ecosystem.

The Turkish investigation follows months after the Organized Crime and Corruption Reporting Project (OCCRP) and media partners exposed what they called a global “Scam Empire,” a sprawling online investment fraud that manipulated at least 32,000 victims worldwide and siphoned off at least $275 million. While investigators in Turkey emphasize that their money laundering probe is independent of the OCCRP revelations, several of Özerk’s companies were connected-indirectly-to the processing of payments later linked to the massive online fraud.

The Istanbul Chief Public Prosecutor’s Office is now targeting individuals and entities associated with Ozan Elektronik Para AŞ, an electronic money institution licensed in Turkey. Prosecutors allege that the company played a role in bringing “criminal assets,” primarily from illegal betting and other suspect activities, into the Turkish financial system. A second company, Aveon Global Sigorta A.Ş., also majority-owned by Özerk, is accused of disguising illicit funds as insurance premium inflows.

Although the companies deny wrongdoing, the scale of the Turkish authorities’ actions suggests the investigation is far from routine. On November 7, prosecutors announced the seizure of assets worth 72 million Turkish lira (about $1.7 million). That seizure followed a major enforcement operation one week earlier, which saw six executives arrested and approximately $9.6 million in assets confiscated. In total, orders were issued to detain 11 employees associated with the companies.

While Özerk himself has not been publicly identified as a target, the financial........

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