RSS   Newsletter   Contact   Advertise with us

Turkey begins legal action against Ciftlik Bank CEO, Ponzi scheme creator

Staff Writer | March 21, 2018
Turkey said it has launched legal proceedings against the creator of a Ponzi scheme simulation game that swindled investors out of millions of dollars.
Ciftlik Bank CEO
Finance   80,000 victims of the simulation game
Following complaints by users, Turkish authorities last week arrested a number of suspects, including Sila Aydin, the wife of the founder, as part of the internal dimension of the case.

Mehmet Aydin, founder of the Farm Bank, known as Ciftlik Bank in Turkey, is allegedly in Uruguay with more than $100 million in cash and cryptocurrency.

Justice Minister Abdulhamit Gul said an extradition proceeding for Aydin and a red notice have been initiated. "Our ministry and prosecutors follow the issue closely," Gul said on Twitter.

The online game, which drew 350,000 domestic players and 150,000 abroad, was launched in 2016, inspired by the FarmVille social media game.

Approximately 80,000 victims of the simulation game were lured into placing their money into virtual animals and crops with the potential of higher rates of return. The game generated more than $120 million.


 

MORE INSIDE POST