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Turkish investment fund fraud investigation

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2026-09-30 08:22 UTC → 2026-10-06 02:56 UTC · added ~~removed~~

Turkish authorities launched an investigation into a major investment fund scandal involving the brokerage firm Tera Yatirim Menkul Degerler AS. The probe follows the disappearance of billions of dollars, impacting hundreds of thousands of retail investors. Emre Tezmen, the chairman of Tera, was arrested alongside several board members and executives, including Serdar Turhan of Pusula Finans Holding AS. Financial experts and the Turkish Justice Minister have described the alleged mechanism as a ‘Ponzi-type’ scheme. Investigators believe funds were used to secure short-term loans and reinvested into low-liquidity stocks to create artificial price fluctuations. Authorities have frozen assets and are investigating whether money or cryptocurrency was transferred abroad. As the investigation into capital market transactions continues, authorities have ordered the seizure of assets belonging to 11 suspects, including Tezmen. This legal action has extended scrutiny to real estate assets linked to the Tera Group, specifically the Tera Tower in Maslak, Istanbul. Expanding the scope of the probe, the Capital Markets Board (SPK) has launched a broad investigation into the Tera Group and its associated entities. Following an inquiry into transactions involving Tera Finansal Yatırımlar Holding AŞ, the SPK decided to file criminal complaints against 37 individuals. Among those named is Ecem Tuğçe Akçay, the former Internal Control and Compliance Director and Board Member at Tera Portföy Yönetimi A. Ş. Additionally, the SPK has imposed a two-year ban on trading in stock markets and other organized markets for Tera Yatırım Menkul Değerler AŞ, Tera Portföy Yönetimi AŞ, and the implicated individuals. Recent allegations from YENİ Party Istanbul Deputy Gökan Zeybek have further expanded the scrutiny to include transactions with Adil Varlık. Zeybek has called for an investigation into a suspected circular flow of funds involving a 134 million TL bond issuance.

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