Former MASAK official alleges fraud and detention

Dr. Ramazan Başak, a former Vice President of MASAK (Financial Crimes Investigation Board), has alleged that he was detained twice after reporting suspected financial irregularities to authorities. Speaking before the TBMM Plan and Budget Commission, Başak stated that instead of being heard, he faced police custody following his reports.

Başak submitted reports via CİMER (the Presidency's Communication Center) to the Capital Markets Board (SPK) and MASAK, alleging that Tera Yatırım is involved in market fraud as defined by Capital Markets Law No. 6362. He raised questions regarding the company’s 2022 public offering and its 2023 banking license, suggesting the processes behind these permissions require scrutiny.

Additionally, Başak highlighted allegations involving fugitive Kasım Garipoğlu and his unlicensed company, GKFX. He claimed that approximately $350 million in transfers intended to create transaction volume for this “criminal company” were being moved in suitcases, and called for MASAK to investigate these suspicious money movements. In response to his CİMER report, authorities stated that audits are conducted based on priority and risk, advising him to follow SPK bulletins.