Five suspects face prosecutors in Türkiye’s fund probe

ISTANBUL

Five suspects detained in Türkiye’s fund market investigation were taken to an Istanbul courthouse for questioning by prosecutors on Sept. 22, Anadolu Agency reported.

They were Tera Yatırım Chairman Emre Tezmen, Pusula Holding Chairman Serdar Turhan, Tera Portföy General Manager Alper Öztürk, Emre Alkin and Kerem Alkin.

The five underwent medical examinations after police procedures were completed. Proceedings before prosecutors were continuing, the agency said.

Another 14 suspects were detained the same day as the investigations into capital market transactions continued.

In a Sept. 21 statement, the Istanbul Chief Public Prosecutor’s Office said a Capital Markets Board (SPK) inspection report dated Sept. 17 had identified suspected manipulation of shares in Katılımevim Tasarruf Finansman (KTLEV).

Prosecutors said proceedings had been launched against 25 suspects in that investigation, with 15 detained and 10 still being sought at the time.

They also announced restrictions on money and asset transactions involving executives and officials linked to nine companies, including Pusula Finans Holding, Tera Yatırım, Hedef Holding and Bulls Yatırım.

Institutions were instructed not to process transactions reducing the assets of board members, authorized signatories, their spouses or first-degree blood relatives without informing and consulting prosecutors. The measures aim to prevent assets under investigation from being concealed, transferred or depleted.

In a separate request dated Sept. 17, prosecutors asked the Financial Crimes Investigation Board (MASAK) to provide financial records for executives of the Pusula, Tera, Hedef and Bulls groups and their subsidiaries.

The review covers overseas money and cryptocurrency transfers and other account movements from 2024 onward. It also extends to first-degree relatives to determine whether funds or crypto assets were transferred abroad through their accounts.