Former footballer among 12 detained in market manipulation probe

ISTANBUL

Turkish authorities have detained 12 suspects, including former national footballer Gökhan Gönül, in a sweeping operation targeting alleged market manipulation on Borsa Istanbul (BIST).

The investigation, led by the Istanbul Chief Public Prosecutor’s Office, found evidence of artificial price movements and speculative trading in certain stocks, notably European Investment Holding A.Ş.

Prosecutors allege the suspects engaged in “forming an organization to commit a crime” and “insider-based market fraud.”

Law enforcement teams executed coordinated raids across Istanbul, the capital Ankara, the southwestern province of Antalya, the northern province of Samsun and the southern province of Kahramanmaraş, resulting in multiple detentions.

Gönül, 40, known for playing for prominent Turkish teams including Fenerbahçe and Beşiktaş, retired from professional football in 2023 and has since pursued coaching.

Authorities continue operations against six additional suspects, including ongoing searches and asset seizures.