Turkish businessman Muhammet Yarız linked to investment fund scandal

Muhammet Yarız, the 28-year-old president of the Turkish investment management firm Pusula Portföy, is currently in custody following a massive collapse of investment funds that has impacted hundreds of thousands of depositors. The crisis is linked to allegations of artificial stock price manipulation and the unusual concentration of positions in a few listed companies.

Reports indicate that Yarız’s luxury assets have surfaced in Rhodes, Greece. Despite a travel ban imposed by Turkish authorities, Yarız reportedly traveled from Marmaris to Rhodes aboard the luxury yacht ‘Amor’, valued at approximately $14.5 million, while an arrest warrant was pending.

At least two of his vessels are currently located in Rhodes, including the 26-meter yacht ‘Pusula’, valued at roughly €3.5 million, and the ‘Junior Amor’, valued at approximately €500,000. There are ongoing concerns regarding the potential movement of significant sums of money abroad and the removal of assets from Turkey. While Turkish authorities have already frozen various assets, including high-value luxury vehicles, it remains unconfirmed whether an official request has been submitted to Greek authorities for the seizure of the vessels in Rhodes.