15 Additional Arrests in Turkish Investment Fund Case; Total Detainees Reach 114

Istanbul's prosecutor's office has detained 15 additional suspects in the investigation related to investment funds, bringing the total number of detainees in the case to 114, while seven others were released under judicial supervision measures.

Among the newly arrested are Inan Altinbas, chairman of Altınbaş Holding, and Taha Shakmaq, former chief executive of Türkiye Sigorta and Türkiye Hayat Emeklilik. According to Anadolu Agency, Nasrat Altinbas, the group's owner who was on a wanted list, has also been detained. All assets of the Altinbas family have been frozen.

Artan Aydin, former adviser to the prime minister and ex-member of parliament from the Justice and Development Party, was referred to prosecutors today. He had overseen the 2023 presidential election campaign known as "Turkey's Century."

The case traces its roots to a September 17 decision by the Capital Markets Board (SPK) to liquidate 131 investment funds belonging to seven portfolio management companies: TERA, PUSULA, HEDEF, ATLAS, A1, PARDUS, and BULLS PORTFÖY, as some of these funds failed to meet their debt obligations. Iş Bankası and Ziraat Bankası will carry out the liquidation process, which is expected to take six months.

On October 9, Justice Minister Akin Gourlich revealed illegitimate gains estimated at 187 billion Turkish lira, while Treasury and Finance Minister Mohammad Shamsek announced on October 8 that funds from 43,000 fund subscribers had been transferred to banks.

On September 26, former Family Affairs Minister and Justice and Development Party Vice Chair Fatma Betul Sayan Kaya was reported to have achieved returns of 21 times her investment through one of the funds, while her husband's returns were eight times his investment, and the couple together withdrew a total of 2.17 billion lira at the start of the month. Kaya resigned from her positions without responding to the allegations. On September 29, Istanbul's prosecutor's office sent notices to all relevant authorities to freeze the assets of Kaya and her husband Elias Kaya, and on October 6 the couple filed a request to return fund gains, prompting prosecutors to write to banks to allow the refund.

On October 6 as well, Ali Imre Bali, chairman of Adil Katılım Bank who was named in the investigation, was found dead inside his car. On September 30, an order was issued to freeze the assets of 30 individuals including Mustafa Yazici, son of Justice and Development Party parliamentarian Hayati Yazici, but the order was lifted the following day, October 1.

On October 7, Justice and Development Party parliamentary bloc leader Abdullah Guler stated he saw no need to form a parliamentary committee to investigate the case, saying: "The judiciary is at work."

On October 13, the Presidential Communications Office announced that the liquidation of 34.1 billion lira within the 49 remaining funds belonging to A1, Bulls, and Pardus companies would be completed by the end of the week.

On October 14, Treasury and Finance Minister Mohammad Shamsek authorized an investigation into former Capital Markets Board chairman Ibrahim Omar Gunol, based on findings from a preliminary investigation conducted by Istanbul's prosecutor's office.

On October 19, Deputy Treasury and Finance Minister Osman Celik requested his retirement, while Capital Markets Board Chairman Mahmoud Sutcu submitted his resignation citing "health reasons."

On October 21, new arrest warrants were issued resulting in the detention of 36 individuals in connection with investigations related to shares of IEYHO, VSNMD, ODINE, and TRHOL companies.