List compiled of investors with rapid fund gains: Minister

ANKARA

Authorities have compiled lists of investors who generated outsized gains from funds over short periods as part of an ongoing investigation into alleged market manipulation, Justice Minister Akın Gürlek said on Oct. 6.

Speaking to Anadolu Agency, Gürlek said regulators had identified individuals who entered certain funds for brief periods, in some cases as short as two months, and exited with unusually high profits.

“We have ongoing work and lists regarding those who entered for a short period and made very high profits. There are particularly detailed lists concerning those who generated gains in a short time,” he said.

Gürlek also said five people had so far returned money linked to accounts under investigation to the Savings Deposit Insurance Fund (TMSF).

Former Family and Social Services Minister Fatma Betül Sayan Kaya and her husband, İlyas Kaya, have returned money they withdrew from investment funds currently under investigation.

Amid the fund crisis, Kaya stepped down last month as deputy chair of the ruling Justi-ce and Development Party (AKP).

The returned amount covers only profits generated above the principal invested.

She deposited 1.86 billion liras ($37.8 million) into accounts administered by TMSF daily Hürriyet reported.

While repaying twice the illicit gain may qualify individuals for effective remorse provisions under Turkish law, it does not mean the investigation will be closed, Gürlek said.

“This does not mean the investigation or case file will be closed. Action will still be taken regarding those individuals,” Gürlek said.

According to the minister, unusual activity in the funds first drew the attention of authorities in 2025 after complaints were received. He said an investigation was formally authorized in August.

Gürlek said 85 suspects were arrested and legal action was initiated against 207 individuals. Assets linked to the case were frozen, while additional measures were taken to prevent the transfer or concealment of wealth.

He added that authorities would examine whether any negligence, misconduct, intent or bad faith existed within relevant institutions.

“If there was negligence, fault, intent or bad faith, work will also be carried out regarding the institutions concerned,” he said.
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