Istanbul prosecutors drop fraud case over 6,500-unit Innovia housing project
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Istanbul prosecutors declined to open a public case over the Innovia housing project in Esenyurt, where about 4,000 buyers paid over $300 million for homes never delivered. The decision on August 20, 2026, cited a prior no-prosecution ruling by Bakırköy prosecutors. Victims had sought charges of aggravated fraud and organized crime against executives of Yeşil Gayrimenkul Yatırım Ortaklığı A.Ş.
Key Facts
- About 4,000 buyers paid over $300 million for homes in the Innovia project that were never delivered.
- The project in Esenyurt, Istanbul, was announced in 2010–2011 and slated for completion in 2013.
- Istanbul Chief Public Prosecutor's Office declined to open a case on August 20, 2026, citing a prior no-prosecution ruling by Bakırköy prosecutors.
- Victims sought charges of aggravated fraud and forming a criminal organization against executives of Yeşil Gayrimenkul Yatırım Ortaklığı A.Ş.
- The developer also received a 600 million lira loan from state-owned Halkbank, yet construction was not completed.
The Unfinished Project
The Innovia project in Esenyurt, Istanbul, was marketed in 2010 and 2011 with a promised completion and handover in 2013. Thirteen years later, the 6,500-unit development remains undelivered to buyers. Approximately 4,000 people who purchased homes in the project are affected, according to a report by BirGün journalist İsmail Arı. The developer, Yeşil Gayrimenkul Yatırım Ortaklığı A.Ş., collected over $300 million from buyers and also obtained a 600 million lira loan from Halkbank.
Prosecutorial Decisions
Victims filed a criminal complaint seeking charges of aggravated fraud and forming a criminal organization against company executives. The Istanbul Chief Public Prosecutor's Office ruled on August 20, 2026, that no public case would be opened. The decision cited a prior ruling by the Bakırköy Chief Public Prosecutor's Office that found no grounds for prosecution. The prosecutor's office stated that the earlier decision precluded a new public case.
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Istanbul prosecutors drop fraud case over 6,500-unit Innovia housing project
