Ankara:Turkish authorities have detained 85 suspects and taken action against 207 individuals amid an ongoing investigation into alleged manipulation of investment funds and stocks. Justice Minister Akin Gurlek emphasized that the investigation should not erode confidence in the country's financial markets.
According to Anadolu Agency, the investigation, initiated after complaints and tips from the public, received authorization from the Capital Markets Board (SPK). Gurlek, speaking in Ankara, outlined that unusual activity in funds and stocks was first noticed in February 2025, during his tenure as Istanbul chief public prosecutor. The SPK authorized a formal investigation in August following public complaints.
Gurlek highlighted the importance of distinguishing between legitimate and illicit gains, referencing profits allegedly made through rapid transactions involving "bubble stocks." He stressed that the Turkish economy remains robust and that the issue should not reflect negatively on the broader market.
The SPK decided on September 17 to liquidate the implicated funds, prompting the chief public prosecutor's office to enact preventive measures. Assets of numerous individuals have been frozen, and authorities thwarted an attempted transfer of 40 million Turkish liras abroad. The State Supervisory Council is also examining potential negligence by public institutions.
Prosecutors are scrutinizing lists from the SPK, Borsa Istanbul, and the Central Securities Depository, targeting individuals and companies with unusually large profits from manipulative activities. Gurlek reaffirmed that legal actions are under the judiciary's supervision, with some suspects detained and others facing international travel bans.
The government aims to shield legitimate investors from the investigation's impact, with the SPK deciding to reimburse losses up to 1 million liras. A mechanism at the Savings Deposit Insurance Fund (TMSF) allows voluntary return of funds, and five individuals have already complied. Gurlek clarified that repaying losses does not halt legal proceedings but may reduce penalties.
Efforts are underway to recover assets transferred abroad, with judicial proceedings initiated to reclaim funds sent to Switzerland. Gurlek assured the public of ongoing coordination among state institutions to maintain confidence in Turkey's economy.
In addition to the financial probe, Gurlek discussed the "Terror-Free Trkiye" initiative, emphasizing its priority and the irreversible nature of the process. The initiative seeks to dismantle the PKK terrorist group, with monitoring by various government bodies. Completion of this process is expected to redirect resources towards investments and job creation.