Altinbas Family in Custody Over Alleged Property Scam

Well-known businessmen Vakkas Altinbas and Mehmet Altinbas who were arrested on Monday for their suspected involvement in a property transfer scam have been ordered to remain in custody for a further three days by Kyrenia district court.

Vakkas Altinbas, his son Mehmet, his daughter’s father-in-law Mehmet Akacan and four others were arrested on Monday and taken to court on Tuesday over irregularities concerning the purchase of properties in Kyrenia worth over £7 million. Another Altinbas family member Orkun Altinbas, believed to be involved in the case, faces arrest on his return from a trip abroad.

Allegedly, Altinbas paid £4 million to the property owner, issuing two more cheques for the remaining £3,000,500. These were later cancelled by a director of one of the Altinbas companies, claiming that they had not been given the 18 properties which were covered by the full amount.

Reports said one witness had told police that approximately two months after the Kyrenia property owner died, he had prepared a fake document on Altinbas’ request for the purchase of the property. The man said that he had received around £1 million from Altinbas for signing the contract as an independent representative in 2017.

The Altinbas family claim that they are the victims of a conspiracy against them

Altinbas Holdings was established by Mehmet Altinbas, who was engaged in agriculture in 1950s, in Gaziantep. In 1979, Mehmet Altınbas’s children started to trade with a jewellery shop opened in North Cyprus under the name of Ali Vakkas Altinbas Jewellery. In 1985 it began goldsmith and jewellery activities in Turkey. As of 2014, Altinbas Holding has been operating in the fields of energy, finance, jewellery, logistics and education.

Havadis, Yeni Duzen

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