Turkish authorities probe capital market irregularities and fund executives

The Istanbul Chief Public Prosecutor's Office is conducting an investigation into potential money laundering and terrorism financing within the capital markets. As part of this probe, authorities have requested the Financial Crimes Investigation Board (MASAK) to examine the financial activities of executives and first-degree relatives from Pusula Finans Holding, Tera Yatırım Menkul Değerler, Hedef Holding, Bulls Yatırım Menkul Değerler, and their subsidiaries.

The investigation specifically targets money and crypto asset transfers made abroad since 2024. Authorities are seeking raw data on all incoming and outgoing funds to determine if assets were moved internationally through these individuals or their close relatives.

Altunç Kumova, the owner of Destek Holding who has been arrested in connection with the probe, provided testimony regarding the extraordinary rise in Destek Faktoring's market value. Kumova admitted that the jump from a 15 billion TL valuation to 1.3 trillion TL was “anormal” (abnormal), but claimed he did not intervene because he believed the process was under the supervision of the Capital Markets Board (SPK). He noted that during the company's public offering, approximately 20% of the shares were acquired by Tera Group companies and other qualified investors.