Wednesday 28 April 2021 8:48 pm

Major Arsenal sponsor sees former execs arrested on suspected $29m fraud - reports

Top former executives at a firm that sponsors Premier League side Arsenal have been arrested on what police suspect to be a $29m fraud.

News outlets in Turkey are reporting six former executives at GKFX have been arrested by Turkish police.

Police are suspecting the executives were involved in embezzling $29m in client funds at the company. The actions reportedly came as a direct result of GKFX’s ownership and its current management working with authorities to identify those responsible.

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The company’s chairman and chief executive Kasim Garipoglu told FX News Group: “This is a former incident which happened in 2020 and did not even impact a single customer. It is already taken care of and surfaced up due to legal actions that we brought against these former employees. Our Group’s 2020 and 2021 (first quarter) results are at an all time high and we are growing business faster than ever.”

Arsenal could not be contacted for comment.

This article has been amended to make clear that the executives arrested were not with GKFX at the time of their arrests.