(AA Photo)
Prosecutors in Türkiye have requested extensive financial records, including overseas cryptocurrency and money transfers dating back to 2024, as part of an expanding capital markets and fund investigation targeting several prominent financial institutions.
The Istanbul Chief Public Prosecutor’s Office asked the Financial Crimes Investigation Board (MASAK) to urgently review and submit all account activities and foreign transactions for executives tied to Pusula Finans Holding AŞ, Tera Yatırım Menkul Değerler AŞ, Hedef Holding AŞ, and Bulls Yatırım Menkul Değerler AŞ, along with their subsidiaries.
The probe into market transactions has triggered a wave of high-profile detentions. Authorities recently took into custody Serdar Turhan, a manager at Pusula Portföy, alongside Tera Yatırım Holding Chairman Emre Tezmen and company executives Alper Öztürk, Emre Alkin and Kerem Alkin.
To date, four suspects have been jailed pending trial in connection with the investigation. Additionally, courts have imposed travel bans and asset freezes on 51 individuals as the wide-ranging probe continues.
The latest detentions follow regulatory intervention after Pusula and Tera disclosed defaults on payments to investors seeking to redeem their fund holdings.
Atlas Portföy also reported payment delays at a money market fund.
On Sept. 17, the Capital Markets Board (SPK) halted trading in funds run by seven asset managers on TEFAS, Türkiye’s electronic fund trading platform.
A total of 131 funds have been ordered into liquidation.
İşbank was assigned to oversee the liquidation of the affected Tera funds, while Ziraat Bank will handle those of the other six companies.
