https://propakistani.pk/2025/05/27/turkish-fintech-behind-sadapay-faces-probe-over-suspected-money-laundering/

Turkish authorities have detained 13 individuals as part of an investigation into the fintech company Papara, over allegations of money laundering and forming a criminal organization, Reuters reported Tuesday quoting the country’s Interior Minister Ali Yerlikaya.

Reuters said that it asked Papara, one of Turkey’s fastest-growing fintech companies, for a comment but it did not respond to the request immediately.

Yerlikaya said that authorities had found the company, offering online money transfers, foreign exchange transactions, and bill-payment services to its 21 million users, was enabling users to open accounts used to transfer proceeds from illegal betting.

Turkish news and current affairs television channel TRTHaber said the arrests included Papara’s founder and chairman, Ahmet Faruk Karsli.

The minister further said that more than 26,000 accounts were determined to have been used for illegal online betting and they made transactions worth $330 million).

Papara was founded in 2015 and the next year received an electronic money institution license from the regulatory agency BDDK.

It is pertinent to mention here that last year, Papara acquired Pakistan-based Electronic Money Institution (EMI) SadaPay.

In a statement at the time of acquisition, SadaPay said that the acquisition opens up new horizons and possibilities. Papara has built one of the most profitable neobanks globally, serving 20 million retail customers and over 4,500 corporates, and their support will propel us to even greater heights, it added.