Authorities scrutinize early exits from disputed funds

ISTANBUL

Justice Minister Akın Gürlek spoke about the disputed investment funds.

Justice Minister Akın Gürlek said authorities have expanded their investigation into the disputed investment funds by focusing on individuals who exited the funds between Sept. 13 and Sept. 16 after allegedly receiving advance information, according to the minister’s remarks published by daily Sabah.

Gürlek said investigators are examining investors who withdrew from the funds based on prior knowledge and information allegedly provided to them.

According to Sabah, an investigation conducted by the Istanbul Chief Public Prosecutor’s Office found that individuals and companies generated more than 187.65 billion Turkish Liras in profits from three funds.
Financial reviews of fund accounts identified 214 beneficiaries, including 141 individuals and 73 legal entities, who collectively earned 187.65 billion liras.

Investigation records showed that the 141 individuals generated total profits of 100.7 billion liras, while the 73 companies earned 86.98 billion liras.

Among the funds examined, 102 individual investors in TERA funds earned approximately 28 billion liras, while 38 corporate entities generated around 62.08 billion liras in profits.

In Pusula funds, 19 individual investors earned approximately 69.7 billion liras and 20 corporate entities made nearly 10 billion liras. In Hedef funds, 20 individuals generated about 2.98 billion liras in profits, while 15 companies earned roughly 14.9 billion liras.

The Istanbul Chief Public Prosecutor’s Office has reportedly submitted the names of the identified beneficiaries to the Savings Deposit Insurance Fund (TMSF), seeking the return of the 187.65 billion liras through voluntary repayment accounts.

According to the report, TMSF has begun issuing formal notifications to people on the list requesting the return of the funds, which will be collected in accounts established for victims.

Reviews found that the individuals in question exited the funds with prior knowledge and in line with the information provided to them.