Turkey investigates capital market manipulation and fund liquidation

capital markets investigation investment fund liquidation market manipulation Borsa Istanbul asset freeze

Turkey is conducting a major investigation into capital market manipulation involving investment funds. The Istanbul Chief Public Prosecutor's Office initially requested asset freezes for 46 legal entities, 18 funds, and 42 individuals following reports of abnormal stock price increases of up to 100 times, allegedly driven by fund transactions. While some asset freezes on 45 companies and 19 funds were later lifted following new evaluations by the Capital Markets Board (SPK), investigations into specific individuals continue.

The crisis has had a significant impact on the Turkish economy, with the total market value of capital market instruments dropping by 4.6 trillion lira between August 31 and September 26. The SPK has ordered the liquidation of 131 funds, affecting approximately 455,758 individual investors. Financial authorities are also scrutinizing massive fund outflows, including a reported 3.09 billion TL transfer from accounts belonging to İsmet Öğüt.

Political tensions have risen as various figures call for transparency and accountability. In Northern Cyprus, Finance Minister Özdemir Berova addressed questions regarding potential links between the investigation and state land leases, clarifying that disputed land was leased to Maya Turizm Ltd. Şti. rather than Tera Portföy. Finance Minister Mehmet Şimşek has maintained that legal proceedings against those involved in market-disrupting transactions are ongoing.

Entities

Borsa İstanbul · Capital Markets Board · Capital Markets Board (SPK) · Capital Markets Board of Turkey · IC Holding · Istanbul Chief Public Prosecutor's Office · Maya Turizm Ltd. Şti. · Mehmet Şimşek · Türkiye Sigorta · İsmet Öğüt

Claims

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

[● 4 SOURCES] The Istanbul Chief Public Prosecutor's Office requested asset freezes for 46 legal entities, 18 funds, and 42 individuals. www.kentgazetesi.com · tr.euronews.com · www.yorumla.net · www.sofokleousin.gr
[● 3 SOURCES] Finance Minister Mehmet Şimşek stated that legal proceedings against those involved in market-disrupting transactions are ongoing. www.gazetepencere.com · tr.euronews.com · www.capital.gr
[● 2 SOURCES] There are 455,758 individual investors involved in the 131 funds undergoing liquidation. www.yenialanya.com · www.sofokleousin.gr
[○ 1 SOURCE] Northern Cyprus Finance Minister Özdemir Berova clarified that disputed state land was leased to Maya Turizm Ltd. Şti., not Tera Portföy. sondakikakibris.com
[○ 1 SOURCE] The total market value of capital market instruments in Turkey decreased by 4.6 trillion lira between August 31 and September 26. www.aydinlik.com.tr
[● 2 SOURCES] The Capital Markets Board (SPK) closed 131 funds to trading on TEFAS as of September 17, 2026. www.yenialanya.com
[● 2 SOURCES] The investigation identified abnormal price increases of up to 100 times in certain stocks, driven largely by fund transactions. www.kentgazetesi.com · tr.euronews.com
[● 2 SOURCES] The Istanbul Chief Public Prosecutor's Office lifted asset freezes for 45 companies and 19 funds following new evaluations. tr.euronews.com · www.kentgazetesi.com