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DEVA Party criticism of Turkish fund fraud scandal

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2026-10-14 16:12 UTC → 2026-10-25 13:32 UTC · added ~~removed~~

Ali Babacan, leader of the DEVA Party, has responded to a recent fund scandal by providing a broad definition of corruption and unfair gain. He argued that corruption extends beyond direct bribery to include the misuse of public authority for personal or familial benefit, the manipulation of zoning and construction rights, and the use of state resources for political purposes. As the situation progressed, Babacan criticized the oversight of the investigation into fund fraud companies. He questioned how state institutions failed to detect multi-billion dollar fraud operations and challenged a proposed law that would grant the Capital Markets Board (SPK) increased authority over liquidation processes. Babacan described a ‘triangle of interests’ involving fraud networks, political supporters, and bureaucratic enablers, calling for the removal of officials responsible for failed supervision. Recently, Babacan claimed the total economic impact of the scandal has surpassed $150 billion. He noted that while approximately 850 billion TL was lost directly through closed funds, the damage includes the loss of market value for other companies on the stock exchange. He compared this loss to the scale of Turkey’s annual tea production to emphasize the crisis. Additionally, former AK Party Deputy Şamil Tayyar alleged that investors were persuaded to join these funds by claims that ‘very important people from the Presidency’ were backing the investments.

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