Accounts of TRNC casinos frozen after tax evasion investigation

UP TO $100 million in the bank accounts of 13 TRNC casinos has been frozen after a Turkish investigation alleged they were sending huge amounts of money abroad to avoid taxation, according to a report in Cyprus Today’s sister Turkish-language newspaper, Kıbrıs.

The probe by the Council for Investigation of Financial Crimes (Masak) was said to havebeen ordered by the top prosecutor in the Turkish city of Gaziantep.

Kıbrıs said its findings, including alleged illegal betting and money-laundering, could lead to the unnamed casinos having their licences cancelled and arrests being made.

Prime Minister Tufan Erhürman and Finance Minister Serdar Denktaş said initially they knew nothing of the issue, but Dr Erhürman confirmed later they had both spoken to Turkish officials about it.

He said the precise nature of the allegations was unclear and lamented that the TRNC was “portrayed like the Wild West at every opportunity by the Turkish media”.