Leading Turkish Jewelry Company Accused of Producing Fake Gold

Following an investigation in Istanbul, an indictment has been prepared against NZP Gold. The company is accused of processing base metals like zinc and copper to give them a gold appearance and selling them online. The indictment, prepared by the Istanbul Public Prosecutor's Office, seeks up to 73 years in prison for seven detained suspects. According to the indictment, the suspects processed base metals to give them a gold appearance and sold them with fake certificates and packaging. The investigation found that the materials used in production were smuggled into the country and products were sourced from the Grand Bazaar. Additionally, it was discovered that molds for coins from the era of Sultan V. Mehmet Reşad were also counterfeited. The indictment also states that the company produced gold despite not having the authorized refinery status. The Turkish Patent and Trademark Office sent a warning to the company to withdraw the counterfeit products from the market, but this warning was ignored. The suspects claim that some products were produced for demonstration purposes and before the regulatory changes in 2023. However, the MASAK report highlights that the company's capital increase is suspicious.