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Turkish capital market manipulation investigations

Updated 2 times since CLSTR started tracking revisions of this situation.

What changed

2026-10-05 02:08 UTC → 2026-10-05 21:16 UTC · added ~~removed~~

Turkish authorities have initiated investigations into potential market manipulation and misconduct within the country’s capital markets. In September 2026, prosecutors launched an investigation into former Borsa İstanbul Chairman and General Manager İbrahim Mustafa Turhan. The Istanbul Chief Public Prosecutor's Office alleged that Turhan’s social media activity could cause “fear and panic” among investors, following a period of market volatility where the BIST 100 index dropped by over 6 percent. By October 2026, the scope of legal scrutiny expanded to include former Capital Markets Board (SPK) Chairman İbrahim Ömer Gönül. The Istanbul Chief Public Prosecutor's Office has requested permission from the Ministry of Treasury and Finance to investigate Gönül for alleged abuse of office, specifically regarding a failure to fulfill supervisory and inspection duties over investment funds. The inquiry focuses on suspicious, simultaneous movements between certain stocks and TEFAS-listed funds occurring between 2024 and September 2026. Investigators are examining ~~several specific funds, including~~ whether these funds were used to create artificial price movements. Specific funds under scrutiny include Tera Portföy Birinci Serbest Fon, Pusula Portföy Hisse Senedi Fonu, Pusula Portföy Birinci Değişken Fon, Tera Portföy Algoritmik Stratejiler Serbest Fon, Atlas Portföy Serbest Fon, and Hedef Portföy İkinci Serbest Fon. Potential crimes under investigation include qualified fraud, money laundering, market fraud, and the establishment of an organization to commit crimes. In response to the prosecutor's request, Treasury and Finance Minister Mehmet Şimşek has assigned the Ministry's Inspection Board to conduct a preliminary investigation and research into the matter.

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