Six former senior executives of GKFX Financial Services Limited have been arrested in Turkey for allegedly being involved in a $29 million fraud.
The allegations against six of the former executives of the Masak-based company claim that they participated in embezzling the money from the company. Local media sources reported that the suspects manipulated the brokerage’s accounting books.
The suspects were identified by the initials MKY, BK, C.Ö., VS, SE and RE. It was reported that two of them, VS and C.Ö., worked with the others in providing information and technical support to the complainant companies.
Because of the intervention in the accounting and information systems the two suspects conducted, it took a long time to detect the fraud.
Turkish businessman Kasim Garipoglu who controls the GKFX Group through his holding company Global Kapital Group, has gone on the record saying that the embezzled funds actually belong to the company and clients were not affected. He said that the suspects left the company in the beginning of 2020 and that the arrest follows a criminal complaint filed by GKFX Group.
A spokesperson for GK Group said:
The issue concerns former employees who were dismissed from our company in March 2020. Based on a criminal complaint made by our company, an investigation was carried out by the Anti-Cyber Crimes Branch Office which led to the arrests. We would like to stress that no client accounts have been impacted by this and we are continuing to work closely with the Anti-Cyber Crimes Branch.
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