A real estate company called Gerçek Evim (“My Real Home” in English) that Turkey’s Banking Regulation and Supervision Agency (BDDK) determined should be liquidated has been found to be part of a Ponzi scheme that grossed TL 600 million ($69.2 million), media reports showed Sunday.

The company that operates under SAS Holding is reported to have promised a 10% dividend to its 13,000 customers, accruing nearly $70 million, but the arrangement turned out to be a complete scam, Hürriyet newspaper said in a report.

According to the article, the Ponzi scheme did offer a 10% dividend to its customers initially, who trusted the company after seeing returns on their investment and decided to invest more money.

People with knowledge of the company’s inner workings told Hürriyet that many people invested large sums of money into the scheme in hopes of a financial breakthrough.

As is the case in many other Ponzi…

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