Turkey capital markets probe: Former SPK head summoned as suspect

capital markets investigation investment fund liquidation SPK TMSF financial fraud probe

A major investigation into capital market manipulation and fund mismanagement in Turkey has escalated, involving the summoning of former Capital Markets Board (SPK) Chairman İbrahim Ömer Gönül as a suspect. The Istanbul Chief Public Prosecutor's Office is investigating allegations of fraud, money laundering, and organized crime, targeting several holding companies including Pusula Finans, Tera Yatırım, Hedef Holding, and Bulls Yatırım.

As part of the legal proceedings, 56 individuals have been arrested. To protect the financial system and prevent the destruction of evidence, the management of five financial institutions—Tera Yatırım Bankası, Destek Yatırım Bankası, Hedef Yatırım Bankası, Destek Finans Faktoring, and Tera Finans Faktoring—has been transferred to the Savings Deposit Insurance Fund (TMSF).

Additionally, the SPK has initiated the liquidation of 131 investment funds, a move affecting approximately 455,758 investors. The liquidation process is expected to take up to six months to allow for the orderly conversion of fund assets into cash. Political opposition has called for broader investigations into the oversight roles of regulatory bodies like the SPK and the Banking Regulation and Supervision Agency (BDDK).

Entities

Capital Markets Board of Turkey · Istanbul Chief Public Prosecutor's Office · Pusula Finans Holding AS · Savings Deposit Insurance Fund · Tera Yatırım Bankası · Tera Yatırım Menkul Değerler AŞ · İbrahim Ömer Gönül

Claims

What the coverage asserts, and how many sources carry each claim.

[○ 1 SOURCE] The liquidation process for the affected funds is expected to take up to six months to ensure assets are converted to cash at appropriate market prices. www.gazetebirlik.com
[○ 1 SOURCE] The SPK decided to liquidate 131 investment funds, affecting approximately 455,758 individual investors. www.gazetebirlik.com
[● 5 SOURCES] The Istanbul Chief Public Prosecutor's Office is conducting a large-scale investigation into capital market manipulation and fund crises. www.marasbugun.com.tr · acikgazete.com · www.akishaber.com.tr · yurtsever.org.tr · www.sondakika.com
[● 2 SOURCES] The investigation has resulted in 56 arrests related to the fund and manipulation probe. www.akishaber.com.tr · www.sondakika.com
[● 2 SOURCES] The five companies placed under TMSF management include Tera Yatırım Bankası, Destek Yatırım Bankası, Hedef Yatırım Bankası, Destek Finans Faktoring, and Tera Finans Faktoring. www.akishaber.com.tr
[● 3 SOURCES] The investigation includes requests for financial data and crypto asset transfer records for executives of Pusula Finans Holding, Tera Yatırım, Hedef Holding, and Bulls Yatırım. acikgazete.com · yurtsever.org.tr · www.sondakika.com
[● 5 SOURCES] Former Capital Markets Board (SPK) Chairman İbrahim Ömer Gönül has been summoned to give testimony as a suspect. www.marasbugun.com.tr · acikgazete.com · yurtsever.org.tr · www.odatv.com · www.sondakika.com
[● 2 SOURCES] Management of five financial institutions has been transferred to the Savings Deposit Insurance Fund (TMSF) as a precautionary measure. www.akishaber.com.tr