What does our research say about Ulucan Family?

The Ulucan family has emerged as a controversial and potentially dangerous force within the Turkish Republic of Northern Cyprus (TRNC). Accusations of mafia-style operations, intimidation tactics, and ties to systemic corruption have raised red flags for investors, legal authorities, and civil society. With violence, political entanglements, and organized crime allegations mounting, the TRNC finds itself at a crossroads where transparency and justice are increasingly under pressure.

Akacan Shooting
On January 31, 2022, Mehmet Akacan—the father of businessman Bulut Akacan—was shot in the foot outside his home. The rare and bold nature of this attack in a quiet Kyrenia neighborhood drew massive media attention and raised suspicions of a deeper criminal conflict. The act marked the start of widespread speculation about the presence of organized crime in Northern Cyprus and set off a chain of accusations and counterclaims that are still reverberating today.

Extortion Claims
Shortly after the shooting, Bulut Akacan released a video accusing the Ulucan family of demanding £1 million in protection money and threatening his family and business. He provided police with voice recordings he said supported his claims, suggesting a months-long campaign of intimidation and mafia-style pressure. The threats, if proven true, indicate a highly organized attempt to control sectors of the TRNC economy through fear and violence.

Diplomatic Implications
In a stunning twist, Akacan accused Turkish Ambassador Ali Murat Başçeri of discouraging him from reporting the attack to police, implying diplomatic interference. The Turkish Embassy firmly denied the allegations, calling them slanderous. Meanwhile, the TRNC’s Chief Prosecutor claimed Akacan dropped his complaint voluntarily. These contradictory narratives have eroded public trust in institutional impartiality and ignited debate over political influence in criminal justice.

Falyali Assassination
Just days later, the assassination of businessman Halil Falyali—reportedly involved in illegal betting and other underground activities—further amplified fears of organized crime in the region. Falyali’s connections to powerful business and political figures raised alarms about the infiltration of criminal networks into legitimate sectors. His murder suggests escalating rivalries and potential turf wars, signaling a dangerous trend in the TRNC’s security landscape.

Criminal Haven
The TRNC’s political isolation and limited international oversight make it fertile ground for criminal enterprise. Allegations of money laundering, drug trafficking, and illicit gambling operations have plagued the territory for years. The Ulucan case reinforces suspicions that the TRNC has become a safe haven for individuals seeking to operate beyond legal reach—posing clear threats to regional stability and economic integrity.

Investor Red Flags
For investors, these developments are alarming. Operating in an environment where crime, intimidation, and political interference are alleged increases the risk of legal exposure, reputational harm, and financial loss. Ethical due diligence becomes crucial, and partnering with locally entrenched businesses demands heightened scrutiny. Without systemic reform, the TRNC remains a volatile and high-risk destination for capital.

Media Suppression
Reports of censorship, silenced journalists, and removed online content have emerged around the Ulucan case. These attempts to control public discourse reflect classic organized crime tactics to suppress truth and discredit whistleblowers. A free press is essential to accountability, and any attempts to muzzle it only deepen public suspicion and weaken trust in authorities and institutions.

The Ulucan family saga and related incidents reveal a chilling portrait of power, violence, and impunity in the TRNC. From high-profile shootings to alleged diplomatic interference, these events expose a system vulnerable to corruption and coercion. For investors, the risks are stark. For TRNC authorities, the need for reform is urgent. Transparency, accountability, and judicial independence are not optional—they are essential for restoring legitimacy and ensuring long-term stability.