Big profit with "rent-to-earn" method in Bağcılar!
A construction company operating in Bağcılar, Istanbul , has marketed approximately 250 apartments in residential projects across Istanbul to investors from the Gulf countries, Russia, and China as of 2019. The project also utilizes world-renowned hotel brands, trusted and recognized by foreign investors, earning their trust.
The term "hotel concept" was used in the sale of the apartments. Investors were told , "You will lease these apartments back to us, we will operate them as a hotel, and we guarantee you a net income of $20,000–$30,000 per year for three years." The apartments, which were sold for five to six times market value, were promised high returns, citizenship rights, and a risk-free investment. Initial payments to some investors reinforced confidence in the system's effectiveness. However, these payments were later discontinued. It was revealed that the payments were not from the hotel revenue generated, but from the money the investors had contributed to the system.
SECRET DEED COMMENTS AND PHYSICAL ACCESS BARRIERS
It was revealed that the construction company had imposed 13-year "lease obligation" restrictions on the apartments before the title deeds were transferred, and thanks to these restrictions, which were hidden in the land registry records, the apartment owners were unable to vacate, sell, or rent their apartments. This restriction also deterred buyers from selling the apartments to others. Investors also discovered that the projects were constructed in violation of the architectural design. It was revealed that the apartments, intended as residential units, were actually hotel rooms, and that access to the buildings was provided only by a digital key system controlled by the company. It was also discovered that the apartments' electricity and water were provided through a shared meter, which was also controlled by the company. Meanwhile, the company claimed that unauthorized individuals had signed the apartment sales contracts to residents seeking to exercise their rights.
"IT WAS A CAREFULLY STAGED ILLUSION"
One victimized investor, Alexev Lebedev , described his grievance in these words: "Hello. My name is Alexev Lebedev. I invested in a five-star project in Istanbul in September 2022. After the company promised guaranteed high returns, they started making payments. It was a carefully staged illusion. But what I didn't know was that they didn't actually have a contract, and they were making the rules themselves. My ownership meant nothing. I couldn't use my apartment. I couldn't rent it. I couldn't generate any income or sell it. They trapped me in a fictitious existence. This wasn't an investment opportunity, but a structure designed to extract money. Then I filed legal action. They deliberately tried to stall the process and created procedural obstacles. They even claimed that their signatures on the contracts would be invalid. This wasn't a business deal; it was a calculated conspiracy."
Investigation launched
Some investors, through their lawyers, filed criminal complaints with the Bakırköy Chief Public Prosecutor's Office. The aggravated fraud investigation launched by the Chief Public Prosecutor's Office has reportedly involved approximately 50 victims and 10 separate law firms representing them, and the investigation is ongoing.
"IT IS AN INVESTMENT SCAM"
According to Sabah newspaper, lawyer Barış Erkan Çelebi, representing approximately 40 victims, emphasized that the process is not a commercial dispute but an organized crime, saying, "Such incidents cause great harm to our country's interests and reputation. All of those harmed in this project are foreigners. They came to Turkey with confidence and invested. They are telling their friends about their hardship, and this negatively impacts efforts to attract foreign investors to our country. Therefore, in addition to our clients' hardship, we are pursuing this incident to protect our country's reputation. We have initiated legal proceedings on behalf of 38 of my clients. There is no finalized criminal decision yet, so there is a presumption of innocence. However, we will prove in court that these actions were systematic and planned, that people's will was impaired and they suffered severe financial harm." While the company has not yet made a public statement, the victims are trying to make their voices heard through groups they have created on social media. It remains unclear whether the international hotel brands mentioned in the project are aware of this process.
ahaber
