Former Turkish Prime Minister's Advisor Ertan Aydin Detained in Investment Fund Case

Istanbul's Public Prosecutor's Office has referred former Prime Minister's advisor and former Justice and Development Party deputy Ertan Aydin to criminal court with a request for his remand in custody, within the framework of an ongoing investigation into investment funds in capital markets.

Aydin had managed the 2023 presidential campaign for the Justice and Development Party, which the party branded "Turkey's Century". Security forces escorted him to the courthouse at Caglayan after completing procedures at the Security Directorate, where he was questioned before the prosecutor before being referred.

The case stems from a decision by Turkey's Capital Markets Board (SPK) dated September 17 to liquidate 131 investment funds belonging to seven portfolio management companies: TERA, PUSULA, HEDEF, ATLAS, A1, PARDUS, and BULLS. Isbank and Ziraat Bank will carry out the liquidation process, which will extend over six months. By late September, the number of those detained in the investigation—including company managers, portfolio managers, and the former deputy head of the Central Bank—had risen to 85 people.

On September 26, it was reported that former Family Minister and Justice and Development Party Vice Chair Fatma Betul Sayan Kaya realized profits at a ratio of 21 times through one of the funds, while her husband Elias Kaya realized profits at a ratio of eight times, with the couple withdrawing a total of 2 billion 170 million lira in early September. Sayan Kaya limited herself to resigning from her posts without responding to the accusations.

On September 29, Istanbul's Public Prosecutor's Office sent memoranda to all relevant institutions to freeze the assets of Sayan Kaya and her husband Elias Kaya. On October 6, and according to Anadolu Agency, the couple filed a request to return fund proceeds, and the Public Prosecutor's Office in turn wrote to banks to allow the return. On the same day, Ali Amre Bali, chairman of the board of Adil Participation Bank and implicated in the fund case, was found dead inside his car. Asset freeze orders issued on September 30 also covered 30 people including Mustafa Yazici, son of Justice and Development Party member Hayati Yazici, though the order was lifted the following day on October 1.

On October 7, the Justice and Development Party parliamentary bloc chair Abdullah Guler announced that he sees no need to form a parliamentary committee to review the investigation, stating: "The judiciary is working". On October 8, Treasury and Finance Minister Mehmet Simsek announced the transfer of funds from 43,000 fund participants to banks, while Justice Minister Akin Gurbilak revealed on October 9 the identification of illegitimate gains worth 187 billion lira.

On October 13, the Communications Directorate announced that the liquidation of a total of 34.1 billion lira within the framework of the 49 remaining funds of companies A1, Bulls, and Pardus would be completed by end of week. On October 14, Simsek authorized an investigation into former Capital Markets Board head Ibrahim Omar Gunol following a preliminary examination conducted based on a request from Istanbul's Public Prosecutor's Office. On October 19, Deputy Treasury Minister Osman Celik submitted a retirement request, while Capital Markets Board Chair Mahmoud Sutcu announced his resignation due to "health issues".

On October 21, new arrest warrants were issued targeting 36 people, following an examination of share holdings of companies EHU, VSNMD, ODINE, and TRHOL. Among the detained were Altinbas Holding Chairman Inan Altinbas and former Prime Minister's advisor Ertan Aydin, while all assets of the Altinbas family were frozen, though five people including Deputy Board Chair Nasrat Altinbas remain at large.