[REVISION HISTORY]

Istanbul capital markets investigation

Updated 13 times since CLSTR started tracking revisions of this situation.

What changed

2026-09-27 20:12 UTC → 2026-09-28 00:05 UTC · added ~~removed~~

The Istanbul Chief Public Prosecutor's Office investigation into capital market transactions, money laundering, and terrorism financing has expanded, with the number of arrests rising to at least 51 individuals. The probe continues to involve major entities including Pusula Finans Holding, Tera Yatırım Menkul Değerler, Hedef Holding, Bulls Yatırım, A1 Capital, Atlas Menkul Kıymetler, and Pardus Menkul Kıymetler. High-profile detainees include Serdar Turhan (Chairman of Pusula Holding), Emre Tezmen (Chairman of Tera Yatırım Holding), and Erkan Kilimci, a former Deputy Governor of the Central Bank of the Republic of Türkiye and CEO of Tera Holding. Authorities have frozen approximately 750 million TL in cash and seized luxury assets, including two private jets, a luxury yacht, and high-value vehicles, with the seized assets valued at approximately 1.08 billion TL. These seizures extend to assets belonging to suspects and their first-degree relatives. Prosecutors are scrutinizing MASAK data regarding foreign currency and cryptocurrency transfers made by executives since early 2024. To further trace the flow of funds, the Prosecutor's Office has requested detailed investor and transaction records from the Central Securities Depository of Turkey (MKK). Investigators are specifically focusing on investor activity and exits from certain funds during the critical three-month period of July through September 2026, as well as records from the funds' inception until their liquidation. ~~In related regulatory actions,~~ New developments indicate the investigation is targeting allegations that certain investment funds were used to artificially inflate stock prices, in some instances by as much as 100 times. This has led the Capital Markets Board (SPK) has completed its investigation into Özata Denizcilik (OZATD) shares. This resulted in criminal complaints against 11 individuals and a two-year trading ban imposed on 13 individuals and entities, including Tera Yatırım Menkul Değerler and Tera Portföy Yönetimi AŞ. Several professional licenses have also been revoked. Following to order the liquidation of 131 investment funds from seven portfolio management ~~companies and 131 funds, Emlak Katılım Bank has applied~~ companies, a move affecting over 455,000 investors. Authorities have requested asset freezes for ~~regulatory approval to acquire Katılımevim, Birevim,~~ 46 legal entities, 18 funds, and ~~İktisat Katılım Bankası through share transfers.~~ 42 individuals, including executives from Tera Portföy, Pusula Portföy, and Astor Enerji.

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