Turkiye detains 13 people in probe of fintech Papara, which acquired Pakistan’s SadaPay

Police officers stand in a street around the provincial police headquarters where Istanbul Mayor Ekrem Imamoglu is being held after his arrest, on March 19, 2025. (AFP/ file)
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Updated 27 May 2025
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Turkiye detains 13 people in probe of fintech Papara, which acquired Pakistan’s SadaPay

  • Papara is suspected of money laundering, illegal betting and establishing a criminal organization
  • Papara expanded by acquiring Pakistan-based SadaPay and Spain-based Rebellion Pay in 2023

ISTANBUL: Turkish authorities detained 13 people as part of an investigation into fintech company Papara over suspected money laundering, illegal betting and establishing a criminal organization, Interior Minister Ali Yerlikaya said on Tuesday.

Yerlikaya said authorities determined that the company, which provides online money transfers, foreign-exchange transactions and bill-payment services for its 21 million users, was allowing users to open accounts to transfer illegal betting income.

A report by state broadcaster TRT Haber said the detentions included Papara’s founder and chairman, Ahmet Faruk Karsli.

As part of the probe, the Savings Deposit Insurance Fund (TMSF) was appointed as a trustee to Papara by a court decision, following reports from the central bank, the Financial Crimes Investigation Board (MASAK), and other relevant institutions.

The central bank, which regulates payment firms, said on Tuesday it would implement daily limits to transactions made on the platform.

“In this process, which will be carried out in coordination with the relevant institutions, temporary daily limits will be applied to payment transactions at the institution,” the central bank said in a statement.

It also sought to reassure users, noting that “within the scope of the law, the funds of payment service users in payment and electronic money institutions are secured in protection accounts at banks.”

Yerlikaya said 10 companies, bank accounts and assets of the detained individuals were seized as part of the investigation.

A report by the financial crimes unit found that more than 26,000 accounts were used for illegal online betting, involving transactions worth 12.9 billion lira ($330 million), he added.

Papara, one of Turkiye’s fastest-growing fintech companies, did not immediately respond to a request for comment.

The company was founded in 2015 and received an electronic money institution license from the banking regulator BDDK the following year. It expanded abroad by acquiring Pakistan-based SadaPay and Spain-based Rebellion Pay in 2023.

According to its website, Papara had 21 million users as of last year. PPR Holding owns Papara, and Trade Registry data shows Karsli held about 90 percent of the company as of May 2024.


Pakistan denies reports army ordered ‘depopulation’ in Tirah Valley ahead of anti-militant operation

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Pakistan denies reports army ordered ‘depopulation’ in Tirah Valley ahead of anti-militant operation

  • Tirah Valley residents started fleeing homes this month ahead of a planned military operation against militants
  • Reports aimed at creating alarm among public, disinformation against security institutions, says information ministry

ISLAMABAD: Pakistan’s information ministry on Sunday denied reports the army has ordered depopulation in the northwestern Tirah Valley ahead of a planned anti-militant offensive, stating that any movement of residents from the area is voluntary. 

The denial from the government comes as residents of Tirah Valley in Pakistan’s northwestern Khyber Pakhtunkhwa (KP) province bordering Afghanistan flee their homes ahead of a planned military operation by the army against militants, particularly the Tehreek-e-Taliban Pakistan (TTP) group. 

Despite major military operations in the mid-2010s, Tirah Valley has remained a stronghold for insurgents, prompting authorities to plan what they describe as a targeted clearance.

“The government has taken notice of misleading claims in circulation regarding alleged ‘depopulation’ from Tirah Valley on the orders of the Army,” the Ministry of Information and Broadcasting (MoIB) said in a statement on Sunday. 

“These assertions are baseless, malicious, and driven by ulterior motives aimed at creating alarm among the public, disinformation against security institutions and furthering vested political interest.”

The ministry said Pakistan’s federal government and the armed forces had not issued directives for any such depopulation of the territory. It clarified that law enforcement agencies are “routinely conducting targeted, intelligence-based operations strictly against terrorist elements” with care to avoid disruption to peaceful civilian life. 

It said locals are increasingly concerned over presence of the “khawarij,” a term the military and government frequently use for the TTP, in Tirah Valley and desire peace and stability in the area.

The information ministry mentioned that the Khyber Pakhtunkhwa Relief, Rehabilitation and Resettlement Department issued a notification on Dec. 26 last year for the release of funds, reportedly Rs4 billion [$14.24 million], for the “anticipated temporary and voluntary movement of population from certain localities of Tirah.”

Families load their belongings onto vehicles in Pakistan’s Tirah Valley on January 15, 2026. (AN photo)

It also said that the notification mentioned that the deputy commissioner of Khyber District, where Tirah Valley is located, said the voluntary movement of people reflects the views of the local population articulated through a jirga at the district level. 

“Hence any stated position of the Provincial Government or their officials being conveyed to media that the said migration has anything to do with the Armed Forces is false and fabricated,” the information ministry said. 

“Given with malafide intent to gain political capital and unfortunately malign security institutions and therefore highly regrettable.”

The evacuation has exposed tensions between the provincial government, run by former prime minister Imran Khan’s Pakistan Tehreek-e-Insaf (PTI) party, and the military establishment over the use of force in the region.

“We have neither allowed the operation nor will we ever allow the operation,” KP Law Minister Aftab Alam Afridi said earlier this month, arguing that past military campaigns had failed to deliver lasting stability.

Pakistan military spokesperson Lt. Gen. Ahmed Shareef Chaudhry has previously defended security operations as necessary as militant attacks surge in the country. 

In a recent briefing, Chaudhry said security forces carried out 75,175 intelligence-based operations nationwide last year, including more than 14,000 in Khyber Pakhtunkhwa, attributing the surge in violence to what he described as a “politically conducive environment” for militants.