Turkish authorities have uncovered a large-scale scheme to acquire citizenship through fictitious real estate transactions. The investigation is targeting 1,070 people who obtained Turkish citizenship in connection with controversial investments, TRT Haber and Anadolu Ajansı reported.
According to the Turkish Interior Ministry, 263 of them are investors and the remaining 807 are their family members. An administrative procedure has been initiated to revoke citizenship.
The investigation is being led by the Istanbul Chief Public Prosecutor's Office. Property transactions of 734 foreign citizens were examined, with 274 of them identified as allegedly fictitious transactions. Their total value exceeds 3.5 billion Turkish liras.
According to the prosecutor's office, the necessary funds in foreign currency did not actually enter Turkey, and through financial transactions the impression was created that the investments had been made. Investigators are also investigating cases of artificially inflated property valuations.
In Turkey, foreigners can apply for citizenship by purchasing real estate for at least $400,000, provided that other legal requirements are met.
In the framework of the operation, detention orders have been issued for 88 suspects, with dozens already arrested. Seizure measures have been imposed on 2,011 properties, a hotel, 86 vehicles, two yachts and 42 bank accounts. 30 companies have also been placed under control.
The Turkish Interior Ministry reports that during the broader checks of the investment citizenship program, the citizenship decisions of 5,391 investors and their family members have been canceled so far due to irregularities related to the investments.
The investigation into the current scheme continues.
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