A Turkish bank manager broke down in court after being sentenced to more than 100 years in prison for running a fake high-profit investment fund that defrauded star footballers and wealthy clients.
Secil Erzan, former manager of Denizbank’s Florya branch, was handed a 102-year, four-month sentence in Istanbul on December 1 for qualified fraud, forgery in special documents and abuse of trust. Prosecutors said she deceived more than 30 clients by promising extraordinary returns through a fund that did not officially exist within the bank.
Among the victims was former Premier League midfielder Emre Belozoglu, known for his time at Newcastle United, Inter Milan and Fenerbahce. Also named in the case file were former Atletico Madrid and Barcelona winger Arda Turan, Galatasaray goalkeeper Fernando Muslera, and former Galatasaray captain Selcuk Inan.
Investigators reported that Erzan collected large sums of money—some delivered in bags—and provided only handwritten or stamped papers as proof of investment. She was accused of taking around $43 million (£32m) and 15 million Turkish Lira (£270,000), allegedly leveraging close relationships with wealthy clients.
The scheme collapsed when Erzan could no longer pay out returns, leading to her arrest on April 11, 2023. In court, she insisted she never created the system, claimed she had been pressured by others and denied using the term “fund.” She argued that some individuals involved refused to clarify their roles and maintained that records existed to show she had not kept anyone’s money.
Erzan cried while defending herself, asking the judges for fairness and requesting home detention, insisting she would not attempt to flee.
After deliberation, the court issued its verdict: 102 years and four months in prison, along with a fine of TRY 753,880 (£13,560). Several co-defendants also received lengthy sentences for qualified fraud.
Ali Yoruk: 15 years, one month, 15 days + TRY 150,000 fine
Atilla Yoruk: 7 years, six months, 17 days + TRY 75,000 fine
Nur Erkasap: 9 years, four months, 15 days + TRY 79,160 fine
Huseyin Eligul: 5 years, two months + TRY 7,600 fine
Nazli Can: 4 years, five months, 20 days + TRY 31,500 fine
Suleyman Aslan was convicted of usury and sentenced to two years and six months with a TRY 20,000 fine. Several other defendants were acquitted, including former Denizbank CEO Hakan Ates and former deputy general manager Mehmet Aydogdu.
The court ruled that the forgery charges constituted a single offence against the state and placed Erzan under supervised release for five years for that part of the case.
