Court arrests Çiftlik Bank founder Aydın who raised TL 1.5 billion from citizens

A decision was made to arrest Mehmet AYDIN, a defendant in the Farm Bank case. His statement to the police said he had designed the “Farm Bank” project primarily as an internet game, had not promised anyone profits and decided to create a company when there was high participation in the game.

AYDIN said he “had began to manage the system through the company he had founded in Cyprus” and “over time opened delicatessen shops and farms.”

He went on to say, “After some people asked for money, he had gone abroad with his wife and had not come back”, claiming that “during his stay abroad, he had also opened companies in various countries, and the” Farm Bank ” business in Turkey had been run by employees.”

Based on his explanations Mehmet AYDIN raised 1.5 billion

New details emerged from AYDIN’s statement. He said he had collected TL 1.5 billion, not 1 billion 139 million, as written in reports from Farm Bank. “I invested in Bitcoin, and increased it by 10 fold” he said, adding that the money he earned could cover the amount of debt stated in the report “multiple times.”

WHAT IS CIFTLIK BANK AND WHO IS MEHMET AYDIN

Çiftlik Bank was founded by Mehmet Aydın in August 2016.

In Farm Bank, inspired by Farmville, a social media game, players were able to buy a variety of farm animals with different gold values. Feed and storage costs were also not required for animals with a life span of 365 days, and digital payment systems were used to cover costs and earn money in exchange for reared animals.

In the game, it was promised that the animals purchased and the production will be implemented in farms, meat and milk production facilities opened in different parts of Turkey. At the same time, products “allegedly” obtained from these facilities were put up for sale at opened dealers.

A year’s profit from the purchased animals was at least 100 percent.

After complaints from users who transferred money to the game, The Capital Markets Board (CMB) filed a criminal complaint against Çiftlik Bank and Çiftlik Bank announced that it was ending its recruitment of members to prove that there was no Ponzi scheme over the allegations.

Then the company announced that the banks were not working with them and were unable to pay.