Charles Ponzi

In the first response to the prolonged controversy surrounding a bank manager accused of defrauding prominent footballers and business figures, the bank has denied the allegations of responsibility over the financial losses of the victims.

The bank asserted that all transactions between the manager and the victims occurred outside the bank's responsibility.

The members of a Turkish Ponzi scheme, which is believed to have collected 639 million Turkish Liras ($76 million) from some 13,000 people, have confessed to carrying millions in cash with parcels, daily Hürriyet has reported.

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A court in Istanbul has ordered the arrest of Mehmet Aydın, the founder of the online Çiftlik Bank (Farm Bank) Ponzi scheme.

Aydın, 29, surrendered to the Turkish Consulate in Sao Paulo, Brazil and was arrested at the Istanbul Airport as soon as he landed on July 3.

Mehmet Aydın, the mastermind of the Çiftlik Bank (Farm Bank) Ponzi scheme game, was sent to court on July 7 for his arrest after his testimony was taken by Istanbul police.

Bernie Madoff, the man behind the biggest Ponzi scheme in history, has died in prison at the age of 82. Madoff ran a ripoff pyramid scheme that conned thousands of people around the world.

Turcoin, which was presented as Turkey's "national" alternative digital currency, has been revealed as a Ponzi scheme after its founders disappeared with millions of dollars. 

A Romanian court jailed business tycoon Sorin Ovidiu Vantu for 10 years and six months on Thursday for embezzling funds from the Petromservice oil company employees association during 2005 and 2006.

Turkish authorities have issued a red notice for a total of six people regarding an investigation into "Çiftlik Bank," an online-game-inspired Ponzi scheme, state-run Anadolu Agency reported on April 19, basing its report on a written statement issued by the Istanbul Anatolia Chief Public Prosecutor's Office.

Mehmet Aydın, the creator of a Ponzi scheme simulation game, has swindled players out of a lot more than had previously been reported, according to the Istanbul Chief Public Prosecutor's office. 

Turkey said on March 20 it has launched legal proceedings against the creator of a Ponzi scheme simulation game that swindled investors out of millions of dollars.