Foreign Company Discovers Secret Bank Accounts Operated by a Turkish Manager: Criminal Remedies (2026 Updated Guide)

A foreign company discovers secret bank accounts operated by its Turkish manager. Learn how to preserve evidence, trace company funds, pursue criminal remedies, recover assets and protect the business in Turkey.

A foreign-owned company operating in Turkey may discover that a local manager, director or authorized employee has been operating undisclosed bank accounts, diverting customer payments, transferring company funds or collecting business revenue outside the accounts known to the foreign shareholder. This can create simultaneous criminal, corporate, banking, accounting and asset-recovery issues. The existence of an undisclosed account does not by itself establish a criminal offense. The decisive questions include whose money entered the account, who controlled it, whether the transactions were authorized, how the funds were used and whether there is evidence of intentional appropriation, deception, falsification or concealment. A foreign investor discovering such activity should preserve evidence immediately and avoid giving the suspected manager an opportunity to delete records, move funds or alter company documentation.

What Is a “Secret Bank Account” in a Company Dispute?

The expression may refer to several different situations. A manager may have opened an account in the company’s name without informing the foreign shareholder, directed company customers to a personal account, used an account belonging to a related company, collected cash through another person’s account or concealed an officially authorized corporate account from the shareholders.

The legal consequences differ significantly depending on which situation occurred.

Is Operating an Undisclosed Bank Account Automatically a Crime?

Not necessarily. Criminal liability requires examination of the manager’s authority, intent, conduct and use of the money.

A manager may technically have authority to open or operate an account while still potentially breaching internal corporate obligations by concealing it. Conversely, directing company revenue into a personal account and appropriating the money can present substantially more serious criminal issues.

First Determine Who Owns the Account

The foreign company should establish whether the disputed account belongs to the company, manager personally, another employee, a shareholder, a related business or an unrelated third party.

This distinction can fundamentally change the investigation.

Identify Who Had Banking Authority

Review signature circulars, board or shareholder resolutions, powers of attorney, bank mandates and internal authorization policies.

The question is not merely whether the manager had access to the bank. Determine exactly what transactions the manager was authorized to perform.

Preserve Evidence Before Confronting the Manager

An immediate confrontation can sometimes cause evidence to disappear.

The company should first secure accounting records, bank-related documents, invoices, customer correspondence, email, company devices, payment instructions, ERP records and other lawfully accessible corporate evidence.

Preserve Digital Evidence Properly

Emails, messages and electronic accounting records can be important, but screenshots alone may not always provide the strongest evidentiary record.

Preserve original files, metadata and system records where possible and maintain a clear record of how evidence was obtained.

Do Not Illegally Access Personal Accounts or Devices

A foreign shareholder’s suspicion does not create an unlimited right to access a manager’s personal email, private banking information or personal devices.

Evidence collection should respect applicable privacy, criminal-procedure and data-protection rules.

Review the Company’s Accounting Records

Compare bank records with the general ledger, invoices, customer receivables, supplier payments and cash accounts.

Look for payments recorded as outstanding even though customers claim they already paid.

Contact Customers Carefully

Customer confirmations can reveal whether a manager instructed clients to transfer money to an undisclosed account.

The inquiry should be structured professionally so that evidence is preserved without unnecessarily damaging the company’s commercial relationships.

Obtain Payment Instructions

A particularly important piece of evidence may be an email, message or document instructing a customer to pay into a different IBAN.

Determine who sent the instruction and whether the account belonged to the company.

Trace the Flow of Funds

The investigation should reconstruct where the money came from and where it went.

Prepare a transaction chronology showing the customer or source, payment date, amount, receiving account, subsequent transfer and ultimate beneficiary where this information is lawfully available.

Multiple Small Transfers Can Be Important

Misappropriation is not always carried out through one large transaction. Repeated smaller payments may reveal a systematic pattern.

The investigation should therefore examine the entire relevant period rather than only the largest transfer.

Related Companies Should Be Reviewed

A manager may divert transactions through another business controlled by themselves, a relative or an associate.

Review supplier and customer relationships for unexplained connections.

Fake Supplier Payments May Reveal Diversion

Another pattern involves payments to fictitious suppliers or companies that did not genuinely provide the invoiced goods or services.

Contracts, delivery records and invoices should be compared with actual business activity.

Personal Expenses Paid With Company Money

Payments for personal vehicles, travel, accommodation, property, luxury goods or unrelated services may become relevant if corporate funds were used without authorization.

Each transaction should be investigated individually rather than assuming that every unusual expense is criminal.

Which Criminal Offenses May Become Relevant?

The potential criminal characterization depends on the facts. Conduct involving company money can potentially raise issues concerning offenses such as breach of trust, fraud, document-related offenses or other property and financial crimes.

The correct offense should be determined from the actual mechanism used rather than selected solely because money is missing.

Breach of Trust May Be Relevant

Where assets were entrusted to a manager for a particular business purpose but were intentionally used contrary to that purpose for unauthorized benefit, breach-of-trust issues may arise depending on the circumstances.

The relationship between the manager and company becomes particularly important.

Fraud May Be Relevant in Some Cases

If deceptive conduct was used to obtain or redirect funds, fraud-related allegations may require examination.

There should be evidence of the relevant deceptive mechanism rather than simply a commercial disagreement over management decisions.

False Documents Can Create Separate Criminal Exposure

If invoices, payment approvals, contracts, receipts or other documents were falsified to conceal transactions, document offenses may need to be investigated separately.

Preserve the original documents whenever possible.

Accounting Manipulation Can Be Critical Evidence

A manager who diverts funds may attempt to conceal the shortage through false expense entries, fictitious receivables or manipulated account balances.

A forensic accounting review can therefore be extremely valuable.

Consider an Independent Forensic Audit

Where substantial amounts are involved, an independent financial review can help reconstruct transactions and separate suspicious payments from legitimate business activity.

The resulting analysis may also help explain a complex financial structure to prosecutors.

Should the Foreign Company File a Criminal Complaint?

Where there is concrete evidence indicating criminal conduct, the company may evaluate filing a criminal complaint with the competent Turkish prosecution authorities.

The complaint should explain the transaction mechanism and supporting evidence clearly.

Avoid Filing an Unsupported General Accusation

A complaint stating only that “the manager stole company money” may fail to communicate the complexity of the case.

Identify transactions, dates, accounts, customers, documents and the suspected method of diversion as precisely as available evidence permits.

Who Can File the Complaint?

The company’s representation structure should be checked carefully, particularly where the suspected manager remains registered as an authorized representative.

Corporate resolutions, powers of attorney and representation authority may need to be addressed before or alongside the criminal process.

What If the Suspected Manager Controls the Company?

This can make the situation substantially more complicated.

The foreign shareholder may need simultaneous corporate-law measures to change management authority, protect company records and prevent further transactions.

Remove or Restrict Banking Authority Where Legally Possible

If the corporate structure permits appropriate action, consider changing banking mandates and electronic-banking access promptly.

The exact steps depend on the company’s legal form and representation arrangements.

Notify Banks Appropriately

Where there is evidence of unauthorized transactions or misuse of corporate banking authority, relevant banks may need to be informed through proper corporate channels.

The company should distinguish between requesting protection of its own accounts and attempting to interfere unlawfully with accounts belonging to other persons.

Can the Prosecutor Obtain Bank Records?

In a criminal investigation, competent judicial authorities may obtain relevant banking information through lawful criminal-procedure mechanisms where the applicable requirements are satisfied.

This can be important where the company cannot independently access the suspected account.

Can Bank Accounts Be Frozen?

Depending on the suspected offense, evidence and applicable procedural requirements, protective measures affecting assets may potentially become relevant.

Such measures are judicial or prosecutorial matters governed by criminal-procedure rules; a private company cannot simply freeze another person’s account itself.

Act Before the Money Disappears

Asset recovery becomes more difficult after funds are transferred through multiple accounts, withdrawn in cash or converted into other assets.

For substantial cases, potential protective measures should therefore be evaluated promptly.

What If the Manager Transfers Money Abroad?

Preserve international transfer information and identify destination accounts where possible.

Cross-border transfers can make recovery more complicated and may require additional procedural steps.

What If Money Was Used to Buy Property?

If diverted company funds can be traced into real estate, vehicles or other assets, that information should be preserved for both criminal and civil recovery strategies.

The relationship between the original funds and later asset must be demonstrated with evidence.

Criminal Proceedings Do Not Automatically Return All Money

A criminal complaint and financial recovery are related but distinct objectives.

The company should evaluate civil, commercial and corporate remedies alongside the criminal investigation rather than assuming prosecution alone will restore every loss.

Civil Compensation Claims May Be Necessary

Depending on the facts and procedural strategy, the company may need to pursue compensation or recovery against the manager or other responsible parties.

The evidentiary file prepared for the criminal case may also be highly relevant to those claims.

Interim Asset Protection May Be Important

Where there is a concrete risk that recoverable assets will be transferred or concealed, available interim measures should be assessed promptly under the appropriate legal procedure.

The company should identify assets early rather than waiting until the final judgment.

Corporate Liability of the Manager Should Also Be Examined

Even where criminal liability cannot ultimately be established, unauthorized transactions can still create corporate and civil liability.

The standards for criminal conviction and compensation are not identical.

What If the Manager Claims the Payments Were Authorized?

Obtain the alleged authorization.

Compare it with board resolutions, shareholder decisions, contracts, signature authority, internal procedures and previous company practice.

Oral Authorization Can Create Evidentiary Disputes

If the manager alleges that foreign shareholders verbally approved the arrangement, emails, messages, meeting minutes and accounting treatment may become important.

A detailed chronology can help test whether that explanation is credible.

What If the Money Was Later Returned?

Repayment can materially affect the factual and legal assessment but should not automatically be assumed to erase the historical conduct or end every possible criminal proceeding.

The timing and circumstances of repayment should be documented.

Foreign Shareholders Should Secure Company Records

When the dispute emerges, preserve corporate books, accounting backups, contracts, customer lists and electronic records.

Loss of access to the company’s own information can seriously weaken the investigation.

Change Passwords and Access Rights Lawfully

Where the company has proper authority, review access to corporate email, ERP systems, online banking and document platforms.

Do not destroy or alter evidence while securing systems.

Maintain an Evidence Log

Record when each document was obtained, from which system and by whom.

For digital evidence, preserve original versions whenever possible.

Interview Employees Carefully

Accounting staff, sales employees and administrative personnel may know how the undisclosed accounts were used.

Their statements should be documented carefully without coaching witnesses or pressuring them to provide a particular version.

Review the Manager’s Entire Authorization Period

If one secret account is discovered, examine earlier periods for similar patterns.

The first discovered transaction may only represent part of the loss.

Tax and Customs Consequences May Also Exist

Hidden accounts and unrecorded payments can create tax, accounting or customs consequences depending on the underlying transactions.

The company should conduct a broader compliance review where necessary.

Foreign Headquarters Should Coordinate the Investigation

Parallel instructions from multiple executives can compromise evidence and create inconsistent explanations.

Designate a responsible investigation team and maintain controlled communications.

Avoid Public Accusations Before the Facts Are Established

Publishing allegations about a manager before the investigation is properly documented can create additional legal and reputational risks.

The company should preserve evidence and use appropriate legal channels.

Prepare a Transaction Matrix

For each suspicious transaction, record the date, amount, sender, recipient, account, stated purpose, supporting invoice, approval, accounting entry and subsequent movement of funds.

This can transform a complicated case into an understandable evidentiary structure.

Immediate Action Plan for Foreign Companies

When a foreign company discovers an undisclosed bank account operated by a Turkish manager, it should immediately secure corporate records, preserve digital evidence, verify the manager’s authority, identify the account owner, reconstruct suspicious transactions, reconcile bank activity with accounting records, preserve customer payment evidence, review related companies and suppliers, restrict further corporate access where legally permitted, evaluate a forensic audit, consider criminal and civil remedies and assess urgent measures for preserving recoverable assets.

Frequently Asked Questions

Is a secret bank account operated by a company manager automatically criminal?

No. The account’s ownership, the manager’s authority, the source of the money, use of the funds and evidence of intent must be examined.

What if customers paid company invoices into the manager’s personal account?

This can create serious legal issues. Payment instructions, customer confirmations, invoices and subsequent movement of the money should be preserved immediately.

Can the company obtain the manager’s personal bank statements?

The company cannot simply access private banking records without lawful authority. Relevant records may potentially be obtained through competent judicial authorities during appropriate legal proceedings.

Can the manager’s bank account be frozen?

Potential protective measures may be available where the statutory requirements are satisfied, but they require the appropriate legal process.

Should the company confront the manager immediately?

Evidence should normally be secured first. Premature confrontation can create a risk that records or assets disappear.

Can a forensic accountant help?

Yes. A forensic financial review can be particularly valuable where there are numerous transactions, related companies or manipulated accounting records.

Does filing a criminal complaint guarantee recovery of the money?

No. Criminal liability and financial recovery should be planned together, and separate civil or commercial remedies may be necessary.

What if the manager had formal authority to operate bank accounts?

Formal banking authority does not necessarily resolve whether the particular use of company money was authorized or lawful. The purpose and circumstances of the transactions must still be examined.

What if the manager has already transferred the money abroad?

International transfers should be traced as far as available evidence permits, and urgent recovery and protective options should be evaluated.

What is the most important first step?

Secure the company’s evidence before alerting the suspected manager. Bank information, accounting records, customer payment instructions, emails and digital records should be preserved so that the movement of company funds can be reconstructed accurately.

Client-Focused Legal Support for Foreign Companies Facing Internal Financial Misconduct in Turkey

A secret-account investigation can develop into a complex dispute involving criminal complaints, fraud or breach-of-trust allegations, forensic accounting, bank records, asset tracing, interim measures, director liability and recovery of company funds. Fırat Fesih Kaya Law Office assists foreign companies, international investors and shareholders dealing with suspected financial misconduct by managers and authorized representatives in Turkey. Lawyer Fırat Fesih Kaya provides legal assistance in preserving evidence, preparing criminal complaints, coordinating financial investigations, pursuing asset-protection measures and developing parallel criminal, corporate and compensation strategies.

Phone:
+90 312 434 22 22

Mobile:
+90 532 769 22 22

Email:
info@firatfesihkaya.av.tr

Address:
Mevlana Boulevard No:221, Yıldırım Tower, Office No:148, 06520 Balgat, Çankaya, Ankara, Turkey