Prosecutors seek overseas transfer records in fund probe

ISTANBUL

Istanbul prosecutors have requested financial records covering executives at four financial groups and their close relatives, including overseas money and cryptocurrency transfers, as part of the investigation into capital market transactions.

In a Sept. 17 request to the Financial Crimes Investigation Board (MASAK), prosecutors sought data on executives at Pusula Finans Holding, Tera Yatırım Menkul Değerler, Hedef Holding and Bulls Yatırım Menkul Değerler, along with their subsidiaries.

The review covers transactions dating back to 2024, including all money entering and leaving the executives’ accounts.

Prosecutors also requested checks on first-degree relatives to establish whether funds or crypto assets had been transferred abroad through them.

MASAK was asked to submit the raw transaction data urgently.

Media reports, citing preliminary findings in the investigation, said that $15 million had been transferred from Pusula Holding executive Serdar Turhan’s account to an account in Switzerland.

A further 25 million euros was transferred from Pusula Portföy Chairman Muhammed Yarız’s account to a Swiss account, the agency reported.

Those detained include Turhan, Tera Yatırım Holding Chairman Emre Tezmen and Tera officials Alper Öztürk, Emre Alkin and Kerem Alkin.

Doğa Sigorta Chairman Nihat Kırmızı was detained on Sept. 20. Tera Yatırım board members Bülent Uygun and Abdulkadir Özkan were also taken into custody, Anadolu Agency reported early on Sept. 21.

Four suspects had previously been remanded in custody, while travel bans and asset freezes were imposed on 51 people.

Separately, the Capital Markets Board (SPK) extended the period allowed for the affected investment funds’ liquidation from three months to six months in a Sept. 20 decision.

The regulator has ordered 131 funds into liquidation following payment problems in the sector.

In a Sept. 21 clarification, the SPK said the extension took account of the funds’ portfolio structures and market conditions, allowing assets to be sold on more favorable terms.

Liquidation could be completed sooner if conditions allowed, it said. The remaining liquidation rules were unchanged.