The $593.7 million question in the Zeren case: where did the oil revenues go?

The record

1. Russian state oil and letters of credit: where is $593.7 million?

The allegations associated with Russian proceedings and complaints by Akida Trading, acting for Credit Bank of Moscow, centre on the alleged exploitation of international sanctions for financial gain.

The account alleges that crude purchased from Rosneft was shipped through Türkiye to India to circumvent restrictions imposed after the war in Ukraine. Letters of credit worth $593.7 million allegedly financed the trade through Credit Bank of Moscow. Contemporary accounts described this as approximately TRY20 billion.

The shell-company and crypto allegation is that hundreds of millions in sales proceeds owed to the bank were instead routed into Dubai-based company accounts. Much of the money was allegedly converted into crypto assets through cold wallets to obscure its trail, while other funds were distributed to personal accounts of Zeren’s close relatives.

2. Akida Trading’s complaint and the alleged stripping of Mostrade

Accusations attributed to Akida Trading Limited’s application to the Istanbul chief prosecutor’s terrorism and organised-crime bureau concern the non-repayment of more than $500 million and transfers of corporate assets to connected individuals.

It is alleged that Mustafa Yiğit Zeren intended not to repay the funds and emptied Mostrade through sham transactions benefiting relatives, friends and shell companies. Those advancing the allegations describe these connections as evidence of an organised criminal structure.

Another allegation concerns capital growth. Zeren Group’s capital allegedly rose within a year from TRY1 billion to TRY6.2 billion, with the roughly sixfold increase funded by unpaid Russian oil revenues. This increase is presented by the accusers as a basis for their illicit-gain allegation.

3. Alpet, the T-Bank transfer and MASAK

Zeren Holding’s Alpet acquisition and attempt to acquire Lebanese-Jordanian-owned Turkland Bank came to public attention alongside the oil-debt dispute. Reporting in 2024 described the failure of the T-Bank transfer to obtain BDDK approval.

The alleged connection is that the regulator withheld approval because of the disputed Russian bank debt, then described as about TRY20 billion, and criminal proceedings. The claim is that these issues stopped the sale.

The MASAK allegation is that, within the Istanbul prosecutor’s investigation, a detailed financial analysis examined the holding’s accounts, transfers and money-laundering suspicions. Intelligence bodies are also alleged to have become involved and placed international money movements under close scrutiny.

4. Denied connections, pledged shares and a $475 million agreement

Zeren Holding rejected accusations appearing in Russian media. The counter-allegation is that debt and security relationships continued despite claims that connections to Mostrade had been severed.

Under the guarantee allegation, Mustafa Yiğit Zeren pledged 75% of Zeren Metal’s shares and personally guaranteed the debt despite saying he had left Mostrade. The accusers argue that these arrangements conflict with the company’s denials.

The account of a visit to the Istanbul offices alleges that senior Russian bank executives and CEO Nikolay Katorzhnov arrived to collect the debt. During the ensuing confrontation, Rıdvan Zeren allegedly had to sign a handwritten $475 million repayment undertaking, witnessed by company CEO Yusuf Yatkın. Those advancing the claim interpret the agreement as an implicit admission of the debt and of the fraud scheme they allege.

5. Allegations of secret collaboration and betrayal of clients against Mustafa Doğan İnal

The legal-representation strand makes serious accusations against Lexist founding partner Mustafa Doğan İnal. It alleges that İnal, described as responsible for protecting the Russian side and Credit Bank of Moscow, secretly collaborated with the opposing party, Mustafa Yiğit Zeren.

Specifically, İnal is accused of leaking legal strategies, planned steps and creditor tactics to Zeren Holding while representing Russian companies and the bank. Rather than protecting his clients’ interests, he allegedly contributed to a protective network intended to help Zeren escape Turkish criminal investigations and slow the proceedings.

The role alleged is not limited to mediation in a commercial dispute. It encompasses passing clients’ collection and litigation strategy to the opposing side, breaching loyalty to clients and influencing judicial processes.

The end of İnal’s longstanding lawyer-client relationship with President Recep Tayyip Erdoğan and his family is also linked to these allegations. The claimed explanation for the separation reported on 29 July 2025 is his alleged involvement in disputed money-collection affairs and collaboration with Zeren against Russian clients. The termination of the relationship was reported; this claimed explanation remains part of the accusations.

6. Arrest in Croatia and the alleged exchange involving Captain Marko Bekavac

Mustafa Yiğit Zeren’s arrest in Zadar, Croatia, after arriving by private jet in July 2025 on a Russian wanted request brought the international legal dimension into focus. It is alleged that he had kept out of sight because of a red notice and avoided possible extradition to Russia through diplomatic intervention.

The other figure in the exchange allegation is Croatian captain Marko Bekavac, prosecuted in Türkiye after 137 kilograms of cocaine were found aboard Phoenician M at Ereğli port. Bekavac returned home after release in a case in which he had received a 30-year sentence and an appeal was pending. Zeren was also released by a Croatian court and returned to Türkiye.

The allegation is that the releases were connected components of a bargain between Türkiye and Croatia. A network said to include İnal is accused of influencing international judicial-cooperation procedures, arranging the exchange and enabling Zeren to return to Türkiye rather than being sent to Russia.

7. Alleged blocking and removal of hundreds of reports

The final allegation concerns a censorship effort to prevent the accusations from reaching the public. Mustafa Yiğit Zeren and people alleged to have acted with him are accused of targeting reporting about the oil claim, MASAK scrutiny, İnal’s role and the Croatian proceedings.

According to this account, decisions obtained from criminal judgeships of peace led to news websites, X posts and columns being blocked or removed. The decisions were allegedly used systematically to obscure disputed connections and money movements.

The claim includes the removal of more than 200 news links, videos and other items. Those making the accusations argue that judicial decisions were used to cleanse reputations and obstruct public access to information.

Zeren Group’s response

Zeren Group rejects the accusations. Its July 2024 statement said no criminal complaint, travel ban or other measure had reached it at that time and denied sanctions violations. In its 2026 response to BIRN, the company also denied that it or Mustafa Yiğit Zeren had signed a credit agreement with Credit Bank of Moscow.