Loansharks Bleed American's Daughter Dry in Istanbul

türkçe links to original Turkish article

(Hürriyet Newspaper, 23 December 2019)



                                        Shark food.

Istanbul police have broken up (sort of - see justice inaction at
the end of the story) a loansharking gang that victimized B.K., the
daughter of an American citizen named İ.L.W.   After living
in the USA for a long time, B.K. returned to Istanbul 8 years ago
and wanted to open a gourmet restaurant in a building on fashionable
Bağdat Avenue in Kadıköy district.  B.K. paid the annual rent of
250,000 TL (about $45,000) in cash and spent another 500,000 TL
on decorations. 

However (!), builder O.E., intent on tearing down the building in
question as part of the urban renewal program, obtained an earthquake
risk report on the building so the municipality would not issue a store
permit to B.K.  Consequently, B.K. could neither open her restaurant
nor pay back the bank credit she had borrowed. 

Through one Ö.Ö., who had been taken into police custody last year
in connection with a illegal betting ring (!), B.K. was introduced to
alleged loanshark İ.K.  In turn, İ.K. introduced B.K. to hazelnut
trader C.Y., who gave B.K. 350,000 TL at a monthly interest rate of
3.5%.   As collateral, C.Y. took the deed for B.K.'s family's house
on one of the Princes' Islands off Istanbul.



    Moonlighting: hazelnut trader C.Y. and footballer G.V.


B.K. began to repay C.Y., unaware of the loanshark whirlpool she had
fallen into, but soon fell behind on her payments.  So, B.K. turned to
İ.K. and borrowed money from him at a monthly interest rate of  4%.
This vicious circle went on for 6 years, during which time B.K. and
her family gave up the deeds to all of their properties to satisfy the
loansharks. 

It turned out that builder O.E., who obtained the earthquake risk
report, and his partner O.Z.M. were in league with the loansharks from
the start.  The builders purchased two flats on Bağdat Avenue, with a
value of $4.5 million, from B.K. for $1.87 million.  All in all, B.K.
and her family lost 60 million TL worth of real estate - another flat in
Kadıköy, two mansions, a store and a flat on the Princes' Islands, and
a 10-acre plot of land in Konya  - to the 10-person gang of loansharks.
The loansharks also got 10 million TL in interest payments.


        For some reason, B.K. got the loansharks' attention...

B.K. explained to Hürriyet that "we were victimized by builders O.E.
and his partner O.Z.M., who wanted to make some easy money on
Bağdat Avenue.  At different times, loansharks A.Ç. and B.K.
threatened to kill me.  In fact, A.Ç. put a gun on the table and said 'if you
don't give me the deed I'll shoot you.'  They threatened our siblings who
live in the USA by telephone.  We just wanted to open a restaurant and
we ended up losing everything.  Some days we don't even have money
left over for the 'dolmuş' (collective taxi)."

Those taken into custody by police included the former head of the Fatsa
(in Ordu province) Trade Board C.Y., factoring firm owner E.R., football
player (!) G.V., car dealer B.K., former policeman (!) İ.İ., İ.K., A.Ç.,
İ.S.G., L.A., A.İ. and B.L.  In all, 16 of 37 suspects were brought to
court yesterday.  The prosecutor released 10 of the 16 and petitioned the
court to arrest the other six.  The court, however, released all six of them,
under judicial supervision. (!)

B.K.'s lawyer Mehmet Yıldırm lamented that "my clients' property is
gone and their lives are in danger.  We want a protection order."