Foreign Shareholder Suspects Company Assets Are Being Stolen in Turkey: Criminal Complaint Guide 2026

Foreign shareholder suspects company money or assets are being stolen in Turkey? Learn how to preserve evidence, trace bank transfers, identify director misconduct, file a criminal complaint, request investigation measures and pursue recovery in 2026.

A foreign shareholder who discovers unexplained bank transfers, disappearing inventory, unauthorized asset sales, suspicious payments to directors, cash withdrawals or transfers to related companies should act quickly. However, the first step should not be to assume that every suspicious corporate transaction constitutes theft.

Company assets may be affected by several legally different situations: breach of trust, fraud, theft, falsified corporate documents, false accounting records, unauthorized related-party transactions, director misconduct or an ordinary commercial dispute.

The correct criminal-law characterization depends on how the person obtained control of the asset, what authority they possessed, what they did with it, whether the company received anything in return and who ultimately benefited.

For a foreign investor, an effective strategy usually begins with:

Preserve the evidence → Identify the missing asset → Reconstruct corporate authority → Trace the money or property → Identify the individuals involved → Separate commercial disputes from possible criminal conduct → File a fact-based criminal complaint → Consider asset-preservation and corporate recovery remedies.

What Are the Main Warning Signs That Company Assets May Be Disappearing?

Foreign shareholders should investigate unexplained situations such as:

• Large transfers to a director’s personal bank account
• Repeated cash withdrawals
• Payments to unknown suppliers
• Payments to companies controlled by another shareholder
• Company vehicles transferred without explanation
• Machinery sold below market value
• Inventory disappearing from warehouses
• Customer payments diverted to personal accounts
• Unexplained international transfers
• Cryptocurrency purchases using corporate funds
• Fictitious consultancy payments
• Suspicious shareholder loans
• Company property transferred to relatives
• Accounting entries without supporting documents
• Missing company books or invoices
• Sudden deletion of corporate emails
• Refusal to provide bank statements
• False or suspicious board resolutions

One warning sign alone does not prove a crime. Several connected anomalies, however, can justify immediate investigation.

Start by Identifying Exactly What Is Missing

A criminal complaint should avoid vague statements such as:

“My partner is stealing the company.”

Instead, identify concrete transactions.

For example:

“On 12 March 2026, TRY 4,500,000 was transferred from the company’s account to the managing director’s personal account.”

“On 18 March 2026, company machinery was sold to a company controlled by the director’s relative.”

“Between January and May 2026, approximately TRY 8 million of customer payments were collected into accounts not appearing in the company’s accounting records.”

Specific allegations are easier to investigate than broad accusations.

Company Assets Are Not Automatically the Personal Assets of Shareholders

This distinction is fundamental.

A shareholder owns shares in the company. That does not ordinarily mean the shareholder personally owns a corresponding percentage of every bank balance, vehicle, machine or receivable belonging to the company.

Accordingly, a business partner generally cannot justify an unexplained withdrawal merely by saying:

“I own 50% of the company, so half of the money belongs to me.”

The legal basis of the payment must be examined.

Could Taking Company Assets Constitute Breach of Trust?

Potentially.

Article 155 of the Turkish Criminal Code concerning breach of trust can become particularly important where a director or manager originally had lawful possession or management authority over corporate assets but is alleged to have subsequently used those assets contrary to the purpose for which they were entrusted.

The precise legal characterization depends on the facts, including the nature of the property, how control was obtained, the person’s corporate authority and the alleged benefit.

For corporate cases, the distinction between lawful access and lawful personal entitlement is especially important.

A director may be authorized to operate a company bank account without being entitled to appropriate the company’s money personally.

Example: Director Transfers Company Money to Personal Account

Assume a foreign investor owns 40% of a Turkish company.

The managing director controls online banking.

The shareholder discovers:

Company → Director’s personal account: TRY 6 million

The director claims that the transfer was repayment of money previously lent to the company.

Before filing a complaint alleging criminal misappropriation, check:

• Was there actually a shareholder/director loan?
• When was the original money transferred?
• How was it recorded?
• Was repayment authorized?
• Does the accounting ledger support the explanation?
• What happened to the TRY 6 million afterward?

If no underlying loan can be demonstrated, the factual picture may become substantially different.

Fraud May Also Be Relevant

Fraud and breach of trust are not interchangeable.

A breach-of-trust allegation commonly concerns property that initially came under the accused person’s control lawfully but was later allegedly misused.

Fraud generally requires deceptive conduct satisfying the statutory elements of the relevant fraud offence.

Therefore, the complaint should explain what actually happened rather than simply listing multiple criminal offences without connecting them to the evidence.

Theft May Require a Different Analysis

Theft may become relevant where company property is taken without the type of entrusted possession that characterizes breach of trust.

For example, an employee secretly removing company equipment can present a different legal issue from a director who was authorized to manage an asset but allegedly disposed of it for personal benefit.

How possession was obtained is therefore crucial.

Customer Payments Diverted to Personal Accounts

One particularly serious pattern is diversion of company receivables.

Suppose customers were instructed:

“Do not pay the company account. Pay this IBAN instead.”

The IBAN belongs to the director.

The investigation should identify:

• Customers making payments
• Amounts
• Dates
• Recipient account
• Who issued the payment instruction
• Whether the company recorded the receivable as unpaid
• What happened to the money

Customer testimony and banking records can be highly important.

Preserve the Original Payment Instructions

If customers received instructions through:

• Email
• WhatsApp
• SMS
• Invoice
• Messaging application

preserve the complete original communications.

Do not rely only on cropped screenshots.

The identity of the sender and authenticity of the communication may later become disputed.

Unauthorized Cash Withdrawals

Large cash withdrawals should be reconstructed individually.

Create a table containing:

Date	Amount	Account	Person	Claimed Purpose	Supporting Evidence
05.02.2026	TRY 500,000	Company	Director A	Supplier	None located
14.02.2026	TRY 750,000	Company	Director A	Expenses	Disputed
28.02.2026	TRY 1,000,000	Company	Director A	Cash purchase	No invoice

Then determine whether the cash actually entered the company’s cash records or reached the claimed supplier.

Preserve ATM and Branch Evidence Quickly

Where the identity of the person making a withdrawal is disputed, available bank records and potentially relevant camera evidence may matter.

Camera recordings should be addressed promptly because retention periods differ and footage should not be assumed to remain available indefinitely.

Suspicious Payments to Related Companies

Foreign investors frequently discover that company money has been transferred to businesses controlled by another shareholder or director.

A related-party payment is not automatically criminal.

Check whether there was:

• Genuine service
• Product purchase
• Intercompany loan
• Management agreement
• Licensing arrangement
• Cost-sharing arrangement

Then ask whether the company actually received the promised value.

Fake Consultancy Payments

Suppose the company paid TRY 10 million to another company for “consultancy.”

Investigate:

Where is the contract?

What service was provided?

Where are the reports?

Who performed the work?

Are there emails or meetings?

Was the amount commercially plausible?

An invoice alone does not necessarily prove that the underlying service occurred.

Company Property Sold Below Market Value

Another warning sign is the transfer of corporate assets to a director, shareholder, relative or related company for an apparently inadequate price.

Example:

Company machinery allegedly worth TRY 30 million is sold for TRY 5 million to a company controlled by another shareholder.

Relevant evidence may include:

• Independent valuation
• Sale agreement
• Payment records
• Board approval
• Relationship between seller and buyer
• Subsequent resale
• Accounting records

The fact that a transaction was commercially disadvantageous does not by itself establish a crime, but unexplained related-party benefits can require closer examination.

Inventory Disappears From the Warehouse

If goods or raw materials are missing, preserve:

• Inventory records
• Warehouse entry/exit records
• Delivery notes
• Security footage
• Vehicle records
• Employee statements
• Stock counts
• Sales invoices

Compare physical inventory with accounting records.

Company Vehicles Transferred Without Permission

Vehicle transactions require particular attention.

Identify:

• Registered owner
• Transfer date
• Buyer
• Sale price
• Market value
• Corporate authorization
• Payment destination

Recent amendments to Article 155 also make the treatment of entrusted motor vehicles particularly important under the current criminal-law framework, so the exact facts and applicable version of the provision should be checked when a company vehicle is involved.

Foreign Shareholder Cannot Access Company Bank Records

This often occurs after a shareholder dispute.

A foreign investor may suddenly lose:

• Online banking access
• Accounting access
• Corporate email
• ERP access
• Document access

Do not respond by hacking accounts or unlawfully accessing another director’s private devices.

Instead, preserve the access records you lawfully possess and evaluate company-law mechanisms for obtaining information and documents.

Accounting Records Should Be Compared With Bank Records

This comparison is one of the most useful investigative techniques.

For each suspicious bank transaction, ask:

How was it recorded in the accounting system?

Examples:

Bank transfer: TRY 3 million to director
Accounting: shareholder loan repayment

or:

Bank transfer: TRY 2 million to related company
Accounting: consultancy expense

The next question is whether the claimed underlying transaction actually existed.

Hidden Transactions Are Particularly Important

A transfer completely absent from corporate accounting may raise additional questions.

But an accounting entry does not automatically prove legitimacy either.

The investigation should test:

Bank reality + Accounting treatment + Contract + Corporate authorization + Commercial reality.

Suspicious Board Resolution

Sometimes the accused person produces a board resolution allegedly authorizing the transaction.

Verify:

• Date
• Signatures
• Meeting records
• Corporate books
• Electronic correspondence
• Registry filings where relevant
• Whether directors actually attended

Do not assume a document is authentic merely because it appears formally correct.

Never Fabricate Evidence to Strengthen a Complaint

A shareholder who genuinely suspects misconduct should still preserve evidentiary integrity.

Do not:

• Create fake messages
• Alter spreadsheets
• Backdate objections
• Edit bank documents
• Manufacture board records
• Illegally access private accounts

A criminal complaint should rely on genuine evidence.

How Can a Foreign Shareholder File a Criminal Complaint in Turkey?

A criminal complaint concerning suspected corporate asset misappropriation can be presented to the competent Turkish investigation authorities.

The complaint should explain the facts chronologically and attach the available evidence.

The objective is not merely to state:

“I want my business partner prosecuted.”

A stronger complaint explains:

Who did what, when, to which asset, using what authority, where the asset went, why the transaction appears unauthorized and which evidence can verify the allegation.

What Should the Criminal Complaint Contain?

A well-organized complaint should generally identify:

1. The complainant and relationship with the company.
2. The company concerned.
3. The suspected individuals, if known.
4. The relevant corporate positions.
5. The missing money or assets.
6. The disputed transactions.
7. How the suspected person had access or authority.
8. Why the transaction appears unauthorized.
9. The destination of the money or property.
10. Available documentary evidence.
11. Witnesses, if relevant.
12. Evidence that should be obtained by investigators.

Avoid unnecessarily speculative accusations.

Create a Chronology Before Filing

For example:

5 January 2026: New director appointed.

12 February 2026: TRY 2 million transferred to director’s account.

20 February 2026: TRY 4 million transferred to related company.

3 March 2026: Machinery sold.

10 March 2026: Foreign shareholder requests accounting records.

15 March 2026: Access to accounting system terminated.

22 March 2026: Shareholder discovers transactions.

A chronology allows investigators to understand a complicated corporate dispute quickly.

Prepare a Transaction Schedule

For substantial cases, attach a transaction schedule.

Date	Amount/Asset	From	To	Claimed Reason	Concern
12.02.2026	TRY 2m	Company	Director	Loan repayment	No loan located
20.02.2026	TRY 4m	Company	Affiliate	Consultancy	No deliverables
03.03.2026	Machine	Company	Related buyer	Sale	Allegedly below value

This is considerably more useful than submitting hundreds of unsorted pages.

Which Evidence Should Be Attached?

Depending on the case:

• Bank statements
• Transaction receipts
• Articles of association
• Trade registry records
• Signature authority documents
• Board resolutions
• General assembly resolutions
• Shareholders’ agreement
• Accounting records
• Invoices
• Contracts
• Warehouse records
• Emails
• Messages
• Customer correspondence
• Valuation reports
• Photographs
• Inventory reports

Attach the strongest evidence and clearly explain what each document proves.

Ask Investigators to Obtain Evidence You Cannot Obtain Yourself

Foreign shareholders may know that relevant evidence exists but lack lawful access to it.

The complaint can identify evidence potentially obtainable through lawful investigative procedures, such as relevant banking records, corporate records, digital evidence or other third-party records.

Do not attempt to obtain protected information illegally.

Can Bank Accounts and Assets Be Secured?

Potentially, where the statutory conditions for the applicable protective measure are satisfied.

Article 128 of the Criminal Procedure Code regulates seizure of specified assets, rights and receivables where the statutory evidentiary requirements exist. Constitutional Court materials reproducing the provision identify breach of trust under Article 155 among the offences within this asset-seizure framework.

The mechanism can cover categories such as bank accounts, receivables, securities and company shares where the legal conditions are fulfilled.

However:

Filing a criminal complaint does not automatically freeze the suspect’s assets.

A legally justified connection between the suspected offence and the requested measure must be established under the applicable procedural rules.

Asset Seizure Is a Protective Measure, Not a Conviction

This distinction matters.

The purpose of a seizure measure may include preserving assets connected with the alleged offence or securing potential confiscation.

It does not establish that the accused person is guilty.

The Constitutional Court’s property-rights jurisprudence requires legal basis and proportionality in interferences with property and recognizes the importance of a sufficient connection between the property and the conduct underlying the measure.

Can the Shareholder Ask for the Money Back Through the Criminal Case?

Money recovery and criminal responsibility should be analyzed separately.

A criminal investigation can be highly important for:

• Identifying perpetrators
• Obtaining evidence
• Tracing transactions
• Preserving qualifying assets

But a foreign shareholder should also evaluate appropriate corporate and civil remedies.

Do not assume that filing a criminal complaint alone guarantees recovery.

The Company’s Loss and the Shareholder’s Loss May Be Different

Suppose TRY 20 million is taken from the company.

The direct asset reduction occurs at company level.

The shareholder may suffer indirectly because the value of their investment decreases.

This distinction can affect:

• Standing
• Representation
• Recovery strategy
• Damage calculations

The corporate structure should therefore be analyzed before proceedings are designed.

What If the Suspected Director Controls the Company?

This is particularly difficult.

Suppose:

• Foreign shareholder owns 40%.
• Local partner owns 60%.
• Local partner controls management.
• Local partner is suspected of diverting assets.

The accused manager may effectively control access to the company’s:

• Books
• Bank accounts
• Employees
• Computers
• Contracts

In that situation, criminal-law evidence preservation and company-law remedies may need to proceed in parallel.

What If the Company Is 50-50?

A deadlocked company can become vulnerable to asset diversion.

Neither shareholder may have enough voting power to resolve the management conflict.

Foreign investors should preserve:

• Shareholders’ agreement
• Deadlock clauses
• Signature authority
• Board records
• Banking mandates
• Evidence of disputed transactions

Do not treat the criminal complaint as the only available remedy for corporate deadlock.

What If the Suspected Person Is Another Foreign Shareholder?

Nationality does not determine whether conduct constitutes an offence.

The same analysis applies:

Authority → Asset → Transaction → Destination → Benefit → Evidence.

Cross-border elements may nevertheless complicate evidence collection and asset tracing.

Money Transferred Abroad

If suspicious corporate money has left Turkey, preserve the domestic transfer records immediately.

Identify:

• Sending account
• Date and time
• Currency
• Amount
• Beneficiary
• Foreign bank
• Transfer reference
• Payment explanation

Cross-border evidence may require additional cooperation procedures depending on the jurisdiction and evidence sought.

Cryptocurrency Transfers

If company funds were transferred to a crypto-asset service provider, preserve:

• Account information
• Transfer amount
• Cryptocurrency purchased
• Wallet address
• Network
• Transaction hash
• Date and time

Do not assume that a wallet address alone identifies the person controlling it.

What If the Director Says It Was a Shareholder Loan?

This is a common defense.

Check:

Was money originally lent to the company?

When?

By whom?

How much?

Was it recorded?

What was the outstanding balance when repayment occurred?

A genuine historical loan may explain an apparently suspicious transfer.

A loan description created only after the dispute began presents a different evidentiary issue.

What If the Director Says It Was a Dividend?

Check:

• Corporate decision
• Financial statements
• Profit distribution records
• Accounting treatment
• Tax records

A shareholder cannot necessarily convert a disputed withdrawal into a lawful dividend merely by changing its description.

What If It Was Salary or Director Remuneration?

Preserve:

• Employment agreement
• Management agreement
• Corporate resolution
• Payroll
• Tax treatment
• Historical payments

The amount and corporate basis should be verified.

What If the Money Was Returned?

Repayment can be legally relevant, but it does not automatically determine whether earlier conduct constituted an offence.

The applicable offence, procedural stage, timing of repayment and relevant provisions concerning restitution or effective remorse require case-specific analysis.

Do not assume:

“The money was returned, therefore no crime occurred.”

Criminal Complaint Should Not Be Used Merely as Negotiating Pressure

A failed business relationship is not automatically a criminal case.

Examples of potentially civil or commercial disputes include:

• Genuine shareholder-loan disagreement
• Contractual payment dispute
• Valuation disagreement
• Management-fee dispute
• Failed investment
• Genuine but unsuccessful business decision

A criminal complaint should focus on evidence indicating conduct satisfying a criminal offence rather than simply attempting to gain leverage in shareholder negotiations.

Bad Business Judgment Is Not Automatically Theft

Suppose a director invests TRY 15 million in a project that fails.

The company loses the investment.

That loss alone does not establish that the director stole TRY 15 million.

The investigation should distinguish:

Loss caused by business risk

from

intentional diversion of corporate assets for unauthorized benefit.

Evidence of Personal Benefit Can Be Important

Suppose company funds are followed through:

Company → Director → Personal property purchase

or:

Company → Director → Relative → Luxury asset

The onward financial trail may become highly relevant.

But the complete legal and financial context must still be established.

Preserve Evidence Before Confronting the Suspected Partner

Premature confrontation can sometimes lead to:

• Documents disappearing
• Access being terminated
• Employees becoming unavailable
• Digital evidence being deleted
• Assets being transferred

Lawfully preserve the evidence already available before escalating the dispute.

This does not mean secretly accessing accounts or devices to which the shareholder has no lawful access.

Do Not Delay When Assets Are Moving

Asset tracing becomes increasingly difficult as money moves through:

• Multiple bank accounts
• Related companies
• Cash
• Foreign jurisdictions
• Cryptocurrency
• Asset purchases

Where substantial assets appear to be moving rapidly, prompt legal analysis may materially affect the available options.

Foreign Shareholder Criminal Complaint Checklist

Before filing, try to answer these 20 questions:

1. What exact company asset is missing?
2. Who legally owned it?
3. Who controlled it?
4. What authority did that person have?
5. When did the disputed transaction occur?
6. Who authorized it?
7. Who executed it?
8. Who received the money or property?
9. What explanation was given?
10. Is that explanation supported by documents?
11. How was the transaction recorded in accounting?
12. Did the company receive anything in return?
13. Did the director or shareholder personally benefit?
14. Was the transaction concealed?
15. Were documents created afterward?
16. Where did the money go next?
17. Are related companies involved?
18. Is relevant digital evidence preserved?
19. What evidence can only investigators obtain?
20. Which criminal, corporate and recovery remedies should proceed together?

Frequently Asked Questions

1. Can a foreign shareholder file a criminal complaint in Turkey?

Yes. Foreign nationality does not by itself prevent a shareholder from reporting suspected criminal conduct in Turkey. The person’s relationship with the company and the company’s representation structure should nevertheless be considered.

2. Where should evidence of stolen company money be submitted?

The criminal complaint should be submitted through the appropriate Turkish criminal justice channels together with a clear chronology and supporting evidence. The competent authority will depend on the circumstances of the investigation.

3. Is an unexplained transfer to a director automatically a crime?

No. The underlying basis must be investigated. Salary, reimbursement, dividends or repayment of genuine loans may have legitimate explanations.

4. Can breach of trust apply when a director takes company money?

Potentially. Article 155 can become relevant where entrusted property is allegedly used contrary to the purpose for which control was given. The exact statutory form depends on the facts.

5. Can the suspect’s bank account be frozen immediately?

Not automatically. Article 128 provides an asset-seizure framework for specified offences, including breach of trust, where its legal conditions are met.

6. Can company shares or other assets also be affected by a seizure measure?

Article 128 encompasses various categories of property, including specified rights, receivables and company shares, subject to the statutory requirements and appropriate judicial process.

7. What if the company money has already been transferred abroad?

Preserve the Turkish-side banking evidence immediately. Cross-border tracing may still be possible, although obtaining foreign records or measures depends on the jurisdictions and procedures involved.

8. Should I confront my business partner before filing a complaint?

Consider evidence preservation first. Premature confrontation can create practical problems if records or assets are at risk, but evidence must always be collected lawfully.

9. Can I recover company money by filing a criminal complaint?

A criminal investigation can contribute to tracing evidence and potentially preserving qualifying assets, but criminal proceedings should not automatically be treated as a complete substitute for corporate or civil recovery proceedings.

10. What is the most important evidence in a company asset theft investigation?

Usually the financial and authority trails: bank statements, recipient accounts, corporate authorization, accounting entries, contracts, communications, asset records and evidence identifying the ultimate beneficiary.

2026 Strategy for Foreign Shareholders: Follow the Asset, Not the Accusation

A strong corporate criminal complaint should be built around evidence rather than labels.

Instead of:

“My partner stole the company.”

construct four evidentiary chains:

Authority Chain:
Company → Board/Shareholders → Director → Scope of authority

Asset Chain:
Company → Money/property → Transfer/disposal → Recipient

Benefit Chain:
Recipient → Further transfer → Personal/related-party benefit

Evidence Chain:
Bank records → Accounting → Corporate documents → Contracts → Communications → Witnesses

When those chains are reconstructed, it becomes easier to distinguish a genuine shareholder disagreement from potential criminal diversion of corporate assets.

Where asset-seizure measures are sought, the connection between the suspected offence and affected property is especially important. Constitutional Court case law emphasizes that property measures must rest on legal grounds and satisfy proportionality requirements rather than operating as indefinite or arbitrary restrictions.

Legal Assistance for Foreign Shareholders Suspecting Company Asset Theft in Turkey

When a foreign shareholder suspects that directors, managers or business partners are transferring company money, selling corporate assets, diverting customer payments or moving funds abroad, speed and evidence preservation can be critical.

At the same time, a criminal complaint should be prepared carefully enough to distinguish actual suspected criminal conduct from shareholder-loan disputes, dividends, legitimate related-party transactions or unsuccessful business decisions.

Fırat Fesih Kaya Law Office provides legal assistance to foreign shareholders, investors, directors and foreign-owned companies dealing with suspected misuse or diversion of company assets in Turkey.

Lawyer Fırat Fesih Kaya assists foreign clients with evidence preservation, criminal complaints, bank-transfer analysis, unauthorized company payments, breach-of-trust allegations, related-party transactions, asset tracing, shareholder disputes and coordinated criminal and corporate recovery strategies.

Early legal review can be especially important where money is being moved through personal accounts, related companies, foreign bank accounts or other assets and where corporate records remain under the control of the suspected manager.

Phone: +90 312 434 22 22
Mobile: +90 532 769 22 22
Email: info@firatfesihkaya.av.tr
Address: Mevlana Boulevard No:221, Yıldırım Tower No:148, 06520 Balgat, Çankaya, Ankara, Turkey

This publication is provided for general informational purposes and does not constitute legal advice. Criminal characterization, standing, investigative measures and recovery options depend on the company’s structure, the suspected person’s authority, the nature and destination of the assets, available evidence and the circumstances of the individual case.