The Turkish football community is embroiled in a scandal involving a Ponzi scheme set up by Seçil Erzan, former branch manager at Denizbank. The ‘Fatih Terim Fund’, named after a famous Turkish football coach, defrauded investors, including notable footballers, of millions of dollars.
Erzan stands accused of defrauding at least 18 individuals, including several football players and Fatih Terim’s daughter Buse Terim. Erzan’s fraudulent activities began in 2011 following losses in stock investments, prompting her to create a deceptive investment fund. Promising returns of 27% within 25 days, her first victim was businessman Bülent Çeviker.
Erzan leveraged her proximity to Galatasaray’s training facilities, where she interacted with players as Denizbank clients. Early victims included Terim’s son-in-law, Volkan Bahçekapılı, and Emre Belözoğlu. Arda Turan, one of the most defrauded, lost 13.9 million dollars.
The fund, leveraging Fatih Terim’s reputation, became a lure for investors from the football world. Terim, though named, has denied involvement, with ongoing investigations into his potential role. His close relationship with Erzan adds complexity to the case.
Turkish journalist Fatih Altaylı reported that following the scandal, footballers Emre Belözoğlu and Arda Turan sought intervention from President Recep Tayyip Erdoğan, resulting in a presidential call to the bank’s management. This high-profile intervention underscores the political influence in the scandal. Altaylı also questions Terim’s absence from the lawsuit and possible deeper involvement or foreknowledge.
Denizbank, part of Emirates NBD since 2019, faced allegations that the management were aware of Erzan’s activities, though no evidence of embezzlement against executives was found. A separate investigation is looking into Erzan’s alleged coercion of the bank’s executives.
Erzan was arrested in April 2023, charged with document forgery and fraud, facing up to 216 years in prison. The case has also opened investigations into several footballers, including Ayhan Akman and Semih Kaya, for potential usury.
Turkey’s Peoples’ Equality and Democracy Party (HEDEP) Deputy Group Co-Chair Meral Danış Beştaş criticised the Justice and Development Party (AKP) government for fostering an environment conducive to financial scandals, highlighting systemic corruption and a lack of oversight in the country’s financial sector.
