Chairmen of Pusula Holding and Tera Investment Holding detained in market probe

Authorities detained five individuals—Serdar Turhan, Emre Tezmen, Alper Özturk, Emre Alkin and Kerem Alkin—during an ongoing investigation into investment-fund activities. The suspects, all executives of Pusula Holding or Tera Investment Holding, were transferred to the Istanbul Courthouse where prosecutors interrogated them before a criminal court ordered their continued detention. This action forms part of a larger inquiry into recent transactions across Turkey’s capital markets.

Analysts have noted that Turkish money-market funds experienced $1.8 billion of outflows in the week to Sept. 11, while lira deposits rose by $12 billion as of Sept. 15, suggesting investors are moving funds into local currency accounts. The arrests underscore heightened regulatory scrutiny amid volatile market flows.