Erkan
Kork
Payments Infrastructure & Illegal Gambling Laundering Erkan Kork chaired BankPozitif and digital payments provider PayFix until his March 2025 arrest in Istanbul on money laundering allegations tied to illegal online gambling. Turkish authorities have seized assets worth approximately TL 6.9 billion and placed his financial entities under state control.
This investigation synthesizes publicly available OSINT to provide a forensic overview of Erkan Kork (b. c. Not disclosed), Turkish financial executive who chaired BankPozitif and PayFix and was associated with media outlet Flash TV.. Erkan holds a reported net worth of Not publicly disclosed per No verified public estimates; TL 6.9 billion in business assets seized by Turkish state and operates Digital payments provider PayFix and non-deposit-taking BankPozitif, alongside broadcaster Flash TV.
The investigation reveals a business model built significantly on offshore Cryptocurrency exchanges allegedly used as outflow channels structures, Positioned BankPozitif and PayFix as licensed, regulated digital finance providers in Turkey (including a reported TL 4 billion annual endorsement deal with Approximately 50 million betting-related transactions processed via PayFix), and operations in jurisdictions where activities are prohibited or locally unlicensed. Multiple concurrent civil lawsuits filed across Istanbul, Turkey between 2025 allege Money laundering of illegal gambling proceeds and facilitating unauthorized transactions through a licensed payments platform.
Risk classification across all five measured dimensions is HIGH for Legal Exposure, Regulatory Risk, Reputational Risk risk, with MODERATE ratings for Operational Risk, Transparency risk. Significant gaps remain, including Personal biographical data including birth year, education, residence, and full network of co-defendants remain unconfirmed in public reporting.
Key Findings
Table of Contents
All information derived from publicly available OSINT sources. This report does not assert wrongdoing. All allegations remain unproven unless legally established.
Subject Profile
Professional Timeline
Acquisition of BankPozitif
PayFix, under Kork's chairmanship, acquired BankPozitif from Israel's Bank Hapoalim — consolidating banking and payments operations.
Chairperson, BankPozitif
Led the non-deposit-taking bank following acquisition by PayFix; entity later transferred to TMSF.
Chairperson, PayFix
Headed digital payments provider PayFix, which prosecutors allege was used to process illegal betting flows.
Owner/Affiliate, Flash TV
Associated with broadcaster Flash TV, later seized by the Turkish state alongside his financial businesses.
Arrest and Custody
Detained in Istanbul as part of a coordinated operation against illegal online betting networks.
Corporate Network & Beneficial Ownership
Kork's corporate footprint spans a regulated bank, a licensed digital payments processor, and a broadcast media outlet — a vertically integrated structure that prosecutors allege enabled the introduction of illicit gambling proceeds into the regulated financial system. The 2023 acquisition of BankPozitif by PayFix consolidated banking and payments capability under common control.
Ownership Risk: Complete UBO (Ultimate Beneficial Owner) chain beyond principal founders may remain partially obscured. Offshore entities may use nominee structures that limit transparency.
BankPozitif
Acquired by PayFix in 2023
Turkey
PayFix
Pre-2023 (acquisition vehicle for BankPozitif)
Turkey
Flash TV
Pre-existing broadcaster
Turkey
Banking, payments, and media businesses under common chairmanship
All known entities seized or sanctioned by Turkish regulators in March 2025
All entities incorporated in Turkey
Beneficial Ownership Concern
Birgün's reporting alleges the acquisition of BankPozitif may have been funded with proceeds from illicit activity — described as 'a bank bought with dirty money.' The combination of a regulated bank, licensed payments processor, and media platform under one principal raises material concerns about the use of regulated infrastructure to legitimise illicit flows.
Multiple Concurrent Legal Actions
Erkan Kork is at the centre of an active Turkish criminal investigation into a large-scale illegal online betting and money laundering network. Authorities have paired criminal charges with sweeping regulatory action and asset seizure.
Republic of Türkiye (Istanbul Chief Public Prosecutor's Office)
Erkan Kork and 20 other individuals formally taken into custody (of 52 detained)
Criminal prosecution; asset confiscation totalling TL 6.9 billion (~$190 million USD)
- —Laundering proceeds of illegal gambling activities
- —Facilitating unauthorized financial transactions
- —Incorporating illegal gambling operations into PayFix's regulated payments systems
Masak's financial intelligence findings — including the identification of approximately 50 million betting-related transactions worth TL 4 billion processed via PayFix accounts and directed to cryptocurrency exchanges — form the central evidentiary basis.
Source: Daily Sabah (March 18, 2025); Bloomberg (March 18, 2025); Türkiye Today
4+ Prohibited Markets
Operating across 1 jurisdictions with comprehensive bans and 3 jurisdictions requiring local licenses not held. Primary regulatory cover derives from an offshore license — a jurisdiction criticized for weak oversight that provides no meaningful enforcement beyond its borders.
Multiple sources allege active encouragement of users in prohibited jurisdictions to use VPNs to bypass geographic restrictions, despite public compliance statements.
Regulatory Arbitrage Pattern
Rather than operating offshore, Kork's alleged scheme reportedly used the legitimacy of Turkish-licensed institutions to channel illicit gambling proceeds, with onward layering via cryptocurrency exchanges. The simultaneous suspension of Ininal and Aypara alongside PayFix suggests systemic exploitation of Turkey's e-money licensing regime by illegal betting networks.
Integration of Illicit Flows into Licensed Infrastructure
HIGHProsecutors allege illegal gambling operations were embedded directly into PayFix's regulated payments systems, exploiting the legitimacy of a licensed entity.
Source: Daily Sabah, March 2025
Layering via Cryptocurrency Exchanges
HIGHMasak findings indicate proceeds were routed onward to crypto exchanges — a classic layering pattern designed to obscure the origin of funds.
Source: Financial Crimes Investigation Board (Masak)
Vertically Integrated Bank–Payments–Media Structure
HIGHCommon control over a bank, payment processor, and broadcaster creates concentrated influence and potential for reputational laundering.
Source: Stockholm Center for Freedom; Birgün
Acquisition Allegedly Funded by Illicit Proceeds
HIGHInvestigative reporting alleges the 2023 acquisition of BankPozitif from Bank Hapoalim was financed with proceeds from illegal activity.
Source: Birgün — 'They bought a bank with dirty money'
Co-Investigated Payment Companies
MODERATECBRT simultaneously suspended licenses of Ininal and Aypara, indicating a broader systemic problem in Turkey's licensed payments sector.
Source: Türkiye Today
Scale of Transactional Activity
HIGHApproximately 50 million betting-related transactions worth TL 4 billion is materially inconsistent with legitimate use of a licensed payments platform.
Source: Masak via Daily Sabah
Risk Assessment Radar
Risk Category Breakdown
All risk dimensions register at the upper end of the scale. Active criminal proceedings, comprehensive regulatory enforcement, large-scale asset seizure, and consistent adverse media coverage place Erkan Kork in the highest-risk category for any counterparty, correspondent, or due-diligence review.
Evidence-Based Verification
Each claim has been assessed against available primary sources. Click any row to expand detailed evidence, methodology, and source citations. Status badges reflect independent verification quality.
Chronological Record
Key events spanning the acquisition of BankPozitif, regulatory escalation, and the March 2025 arrest and asset seizure.
PayFix Acquires BankPozitif
PayFix, chaired by Kork, acquired BankPozitif from Israel's Bank Hapoalim, consolidating banking and payments operations.
Vertical Integration Established
Common control over a bank, payments processor, and media outlet (Flash TV) consolidated under Kork's chairmanship.
Alleged Scale-Up of Betting Flows
Masak later identified approximately 50 million betting-related transactions worth TL 4 billion processed via PayFix accounts.
Masak Investigation Findings
Financial Crimes Investigation Board reported large-scale betting-related flows through PayFix directed to cryptocurrency exchanges.
Coordinated Detentions in Istanbul
52 individuals detained in a major operation against illegal online betting networks; 21 formally taken into custody.
Erkan Kork Arrested
Kork taken into custody in Istanbul on March 17, 2025 on allegations of money laundering and facilitating unauthorized transactions.
BDDK Transfers BankPozitif to TMSF
Banking regulator placed BankPozitif's management under the Savings Deposit Insurance Fund.
CBRT Suspends PayFix Licenses
Central Bank suspended all operational licenses held by PayFix, alongside Ininal and Aypara.
State Seizure of Business Empire
Turkish state seized BankPozitif, PayFix, and Flash TV; total assets confiscated reached TL 6.9 billion (~$190 million USD).
International Media Coverage
Bloomberg and Daily Sabah reported on the arrest, framing PayFix as having been allegedly turned into a 'gambling hub.'
Social Media Presence
Erkan Kork maintains a limited public digital footprint as an individual; his visibility derives primarily from the corporate websites and brands of BankPozitif, PayFix, and Flash TV.
Operational licenses suspended by CBRT in March 2025.
Operations transferred to TMSF following Kork's arrest.
Outlet seized by Turkish state in March 2025.
No verified personal social media presence located through OSINT review.
Archived snapshots of PayFix and BankPozitif websites prior to March 2025 present the platforms as regulated, mainstream Turkish financial services. Post-seizure changes to public-facing pages are expected as TMSF assumes control.
Community Intelligence
Turkish investigative and opposition outlets have driven much of the granular reporting on the case, supplementing official prosecutor statements.
Turkish Investigative Press Coverage
- —BankPozitif was allegedly acquired from Bank Hapoalim using proceeds from illicit activity ('a bank bought with dirty money')
- —The Flash TV seizure forms part of a broader pattern of state action against media-linked businessmen
- —The crackdown extends beyond PayFix to Ininal and Aypara, suggesting systemic abuse of Turkey's e-money licensing regime
Source: Birgün, Stockholm Center for Freedom, Türkiye Today
Narrative Shifts & PR Events
Mainstream international and Turkish business press reported the arrest and the integration of alleged illegal gambling flows into PayFix's regulated systems.
Birgün published allegations regarding the financing of the BankPozitif acquisition and the broader 'black money system.'
Coverage situated the Flash TV seizure within a wider context of media-related enforcement in Turkey.
Personal Biographical Data
Moderate GapBirth year, nationality (confirmed), education, and pre-PayFix career history are not established in public reporting.
Source of Acquisition Financing
Critical GapAllegations that BankPozitif was acquired with illicit proceeds require independent forensic verification of the 2023 transaction's funding chain.
Complete Co-Defendant Network
Critical GapIdentities and roles of the other 20 individuals formally taken into custody, and any links to Ininal and Aypara executives, are not fully disclosed in public reporting.
Cryptocurrency Off-ramp Destinations
Critical GapSpecific exchanges and wallet clusters receiving the alleged TL 4 billion in onward flows are not publicly identified.
Beneficial Ownership of PayFix and Flash TV
Moderate GapUnderlying shareholders and any silent partners behind Kork's chairmanship roles remain undisclosed in public filings.
Trial Outcome
Critical GapCriminal proceedings remain active; conviction, acquittal, or plea outcomes are not yet determined.
International Counterparty Exposure
Moderate GapWhether foreign correspondent banks, payment networks, or VASPs processed implicated flows is not publicly established.
Investigative Conclusion: Erkan Kork
Erkan Kork presents one of the most acute concentrations of financial-crime risk identifiable in a single subject: an active criminal prosecution in Istanbul, comprehensive regulatory enforcement by Turkey's three principal financial authorities (BDDK, CBRT, and Masak), state seizure of his banking, payments, and media businesses, and confiscation of TL 6.9 billion (~$190 million) in assets.
The core allegation — that a licensed digital payments provider was used to process approximately 50 million betting-related transactions worth TL 4 billion, with onward layering through cryptocurrency exchanges — describes a textbook abuse of regulated financial infrastructure. Under Turkish law, allegations remain unproven pending trial; however, the regulatory and reputational consequences have already materialised.
For counterparties, correspondent banks, fintech partners, and due-diligence reviewers, Erkan Kork and his entire corporate constellation (BankPozitif, PayFix, Flash TV) should be treated as prohibited counterparties pending final resolution of criminal proceedings. The case also warrants closer scrutiny of co-investigated Turkish e-money issuers Ininal and Aypara, and of any cryptocurrency venues that received material PayFix-originated volume between 2023 and early 2025.
Methodology: This report synthesises Turkish and international news reporting, regulatory announcements from BDDK, CBRT, and Masak, and Turkish investigative journalism. All allegations are presented as alleged or reported pending judicial determination. No primary court documents were obtained directly; findings rely on contemporaneous press accounts of prosecutorial statements.
All information derived from publicly available OSINT sources. This report does not assert wrongdoing. All allegations remain unproven unless legally established.
Türkiye arrests bank, payments firm boss over illegal gambling — Daily Sabah
Primary mainstream account of the arrest and charges
Turkish Banker Accused of Turning Payment Firm Into Gambling Hub Arrested — Bloomberg
International financial press coverage
Türkiye's illegal betting crackdown expands — Türkiye Today
Reporting on expanded detentions and media-owner dimension
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