# Turkish investment fund crisis and regulatory crackdown

> Live situation record from CLSTR: https://clstr.news/situations/turkish-investment-fund-crisis-and-regulatory-crackdown
> Updated: 2026-09-21T11:31:39.000Z. Sources: 9. Developments: 2.

A crisis in the Turkish investment fund sector has led to significant volatility in the Borsa Istanbul stock market after fund management companies failed to meet investor redemption requests. In response, Turkish authorities froze the assets of several investment firm executives and initiated legal proceedings against 25 individuals, including 15 currently in custody. Regulators have also ordered the liquidation of 131 investment funds, with the Capital Markets Board extending the liquidation period from three to six months.

The Republican People's Party (CHP) has launched parliamentary inquiries into the matter, alleging that the situation is not a brief liquidity issue but a payment crisis spanning approximately ten months. The CHP claims that the Capital Markets Board and the Treasury and Finance Minister were aware of manipulative transactions as early as the last quarter of 2025. Lawmakers are seeking to determine the total risk involved, identify responsible parties, and investigate why regulatory oversight failed to protect small investors.

## Claims

- Legal proceedings have been initiated against 25 individuals regarding the investment fund crisis. (disputed by 2 sources)
- 15 individuals have been taken into custody, while 10 remain at large. (disputed by 2 sources)
- Assets belonging to executives of several investment companies have been frozen. (corroborated by 2 sources)
- Asset transfers by board members and authorized signatories now require prosecutorial approval. (corroborated by 2 sources)
- Authorities have ordered the liquidation of 131 investment funds managed by seven companies. (corroborated by 2 sources)
- The liquidation period for affected investment funds has been extended from three to six months. (single source)
- Emre Tezmen, president of Tera, has been arrested. (single source)
- Serdar Turhan, president of Pusula Holding, has been arrested. (single source)

## Timeline

### 2026-09-21: CHP moves to investigate Turkish investment fund crisis

CHP lawmakers have petitioned the Turkish Parliament to investigate a prolonged investment fund crisis, alleging delayed regulatory responses and market manipulation that harmed small investors.

3 sources. https://clstr.news/cluster/chp-moves-to-investigate-turkish-investment-fund-crisis

### 2026-09-21: Turkey freezes assets of investment firm executives amid fund crisis

Turkish authorities have frozen assets and arrested several executives following a major crisis in the investment fund sector that has caused significant stock market volatility.

6 sources. https://clstr.news/cluster/turkey-faces-major-financial-crisis-as-investment-funds-collapse

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Cite as: Turkish investment fund crisis and regulatory crackdown. CLSTR, https://clstr.news/situations/turkish-investment-fund-crisis-and-regulatory-crackdown