Turkey jails 20 more in fund probes, bringing total to 85

Turkey detains Tera fund executive in stock manipulation probe
October 3, 2026

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Turkey jails 20 more in fund probes, bringing total to 85

A Turkish court has jailed 20 more suspects in the country’s fund investigation, raising the number jailed across related market probes to 85, the Cumhuriyet daily reported on Saturday.

The suspects were brought to İstanbul’s Çağlayan Courthouse on Friday evening, with prosecutors requesting that all 20 be jailed pending trial after questioning them.

The investigations are being conducted by the İstanbul Chief Public Prosecutor’s Office unit responsible for money laundering and the financing of terrorism.

Lawyer Yasemin Yavuz Koçyiğit and her husband, Gökhan Koçyiğit, were among those jailed.

Investigators examined the couple’s purchases and sales of shares in savings finance company Katılımevim, according to details published by the Sabah daily and cited by Cumhuriyet.

The couple invested 2.32 billion lira in the shares and sold their entire holdings for 4.85 billion lira shortly before the police operations, the report said.

Their reported profit was about 2.53 billion lira, or $51.5 million.

The total of 85 covers people jailed in the fund investigation and separate stock manipulation cases.

İskender Balcı, the son-in-law of Deputy Treasury and Finance Minister Osman Çelik, was jailed on Thursday in a stock manipulation case involving shipbuilder Özata Denizcilik and Destek financial companies.

That investigation concerns trading in shares of shipbuilder Özata Denizcilik and the Destek financial institutions.

The fund crisis erupted in September after suspected manipulation of shares with limited trading activity caused losses and withdrawal requests that some funds could not meet.

The Capital Markets Board (SPK), Turkey’s securities regulator, ordered the liquidation of 131 funds managed by seven companies on September 17.

The funds have 455,758 individual investors, according to the regulator.

Ziraat Bank and İşbank are supervising the sale of fund assets to repay investors.

On Thursday the SPK announced interim payments for investors in funds managed by Tera, Pusula, Atlas and Hedef.

The payments will be based on verified net investment amounts and capped at 1 million lira, about $20,000, per investor for each fund.

Each interim payment will be deducted from the investor’s final liquidation payout.

Vice President Cevdet Yılmaz chaired a second Fund Coordination Board meeting on Friday to discuss repayment calculations, a payment timetable and proposed changes to the Capital Markets Law.

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