Following on from the collapse of Farm Financial institution in 2018 and subsequent investigation, authorities have indicted a number of suspects within the case.
Among the many suspects charged is Farm Financial institution founder Mehmet Aydin, who was apprehended after he was noticed driving a Ferrari round in Uruguay.
Aydin launched Farm Financial institution (Çiftlik Financial institution in Turkish) in Turkey in mid 2016.
Farm Financial institution (Çiftlik Financial institution) launched in 2016 as an app-based Ponzi scheme that modeled itself on the favored Farmville sport.
Farm Financial institution buyers downloaded the sport and invested in “digital animals and produce”.
By promoting “digital crops” they generated in-game, Farm Financial institution buyers have been pitched returns of 200% inside a 12 months.
CEO Mehmet Aydin (proper) claimed investor funds could be used to buy “agricultural funding”.
That was naturally all BS, with Farm Financial institution collapsing in early 2018.
On the time of its collapse, Farm Financial institution had solicited funding from virtually 400,000 buyers. ROI liabilities had spiraled uncontrolled to over $530 million.
Aydin is one in all a number of suspects in custody in Turkey. Authorities are additionally searching for suspects through extradition requests despatched to Brazil, Uruguay, Cyprus and the US.
In accordance with a report from the Every day Sabah, these indicted are dealing with “jail phrases including as much as 75,000 years on 4 counts of crimes for swindling 1000’s of individuals.”