Charles Ponzi

Four suspects were arrested on March 19 in an investigation launched by the chief public prosecutor's office of the Geyve district of the northwestern province of Sakarya into Çiftlik Bank, which engaged in Ponzi scheme-type practices.

Tsvetan Vasilev, the main shareholder of Bulgaria's collapsed Corporate Commercial Bank, has denied charges he was running the bank as a Ponzi scheme.

The imam of an Ankara mosque has been suspended after he allegedly started a Ponzi scheme, through which he stole around 7 million Turkish Liras (2.4 million euros).