Turkish prosecutors demand MASAK data as fund probe leads to arrests and liquidations
Turkey's prosecutors have ordered the Financial Crimes Investigation Board to supply extensive account and foreign-transaction records for executives of several fund firms, part of a widening investigation that has already produced arrests and asset freezes.
Prosecutors in Turkey have instructed the Financial Crimes Investigation Board (MASAK) to urgently provide comprehensive financial records, including overseas cryptocurrency and money-transfer data from 2024 onward, for executives linked to Pusula Finans Holding AŞ, Tera Yatırım Menkul Değerler AŞ, Hedef Holding AŞ and Bulls Yatırım Menkul Değerler AŞ and their subsidiaries. The investigation has already led to the detention of Serdar Turhan, a manager at Pusula Portföy, as well as Tera Yatırım Holding chairman Emre Tezmen and executives Alper Öztürk, Emre Alkin and Kerem Alkin, with four suspects jailed pending trial.
Courts have placed travel bans and asset freezes on 51 individuals as the probe expands. Following defaults disclosed by Pusula and Tera on investor redemptions, the Capital Markets Board halted trading on TEFAS for funds managed by seven asset managers and ordered the liquidation of 131 funds. İşbank will oversee the liquidation of Tera’s funds, while Ziraat Bank will handle the remaining six, and Atlas Portföy has also reported payment delays.
Why it matters
The inquiry targets major Turkish fund managers, risking widespread market disruption and tighter oversight of capital-market activities.
How this story developed
- Sep 9 New Party leader rallies in Üsküdar after AKP assumes control of municipality
- Sep 13 Turkish authorities have arrested at least 47 people after raids on LGBTQ+ association offices across 12 provinces, seizing drugs, digital gear and a firearm.
- Sep 14 Additional LGBT‑related accounts on X were blocked after the June bans.
- Sep 19 The council installed an interim mayor following the arrest of the elected mayor.
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