GKFX Former Executives Arrested for Stealing From the Company

The six people arrested included former executives and employees of GKFX in Istanbul, who had left GKFX last year.

The parties arrested are suspected of stealing about $29 million in 2020 from GKFX’s parent company, Global Kapital Group. The police action came as a direct result of GKFX’s ownership and its current management working with authorities to identify those responsible, and bring them to justice.

While the people apprehended were identified by their initials in the Turkish press as MKY, BK, CÖ, VS, SE, and RE, it is believed that “MKY” is Murat Kutay Yildirim, GKFX’s former Group CFO who left in March 2020, and set up his own firm (with partners) called ABK Holding. Mr. Yildirim and ABK have been trying to acquire an FCA regulated broker called Cresco Capital Markets (UK) Ltd in London, to launch a competing FX brokerage business. That deal is apparently pending FCA approval.