88 people arrested in fund investigation; 26 detained in new arrest orders

The number of detainees in the fund investigation led by Istanbul's Chief Public Prosecutor has reached 88; of the 31 arrest orders issued on October 21, 26 were executed and 5 remain at large. The number of people under judicial supervision stands at 195.

Justice Minister Akın Gürlek announced in a post on X on October 21 that bank accounts of 351 natural and 102 legal entities have been frozen, their assets seized, and real estate transfers blocked. Gürlek had also announced on October 9 that the investigation identified 187 billion lira in illicit gains.

On September 17, the Capital Markets Board decided to liquidate 131 investment funds belonging to TERA, PUSULA, HEDEF, ATLAS, A1, PARDUS, and BULLS PORTFÖY companies. The liquidation process, to be conducted by İş Bankası and Ziraat Bankası over six months, remains ongoing. On October 13, the Directorate of Communications announced that the liquidation process totaling 34.1 billion lira, covering the remaining 49 funds of A1, Bulls, and Pardus companies, would be completed by the end of that week.

On September 26, it was alleged that former Family Minister and AKP Deputy Chairman Fatma Betül Sayan Kaya made a 21-fold profit through a fund, while her husband İlyas Kaya made an 8-fold profit, with the couple withdrawing a total of 2.17 billion lira at the beginning of the month. Kaya left the allegations unanswered and resigned from her positions. On September 29, Istanbul's Chief Prosecutor submitted a memo to relevant institutions to freeze the assets of Kaya and her husband İlyas Kaya. On October 6, Sayan Kaya and her husband applied for reimbursement of the fund gains; the Chief Prosecutor wrote to the banks authorizing the reimbursement.

Ali Emre Ballı, Chairman of the Board of Participation Bank mentioned in the fund investigation, was found dead in his vehicle on October 6. During the same period, a precautionary measure was imposed on the assets of 30 people, including Mustafa Yazıcı, son of AKP member Hayati Yazıcı, on September 30; this measure was lifted on October 1.

On October 7, AKP Group Chairman Abdullah Güler stated that establishing a parliamentary commission for the investigation was unnecessary: "There is no need at present to establish a research commission in the TBMM regarding the fund investigation; the judiciary is working."

On October 8, Treasury and Finance Minister Mehmet Şimşek announced that the funds of 43,000 fund participants were transferred to banks. On October 14, Şimşek authorized an investigation into former Capital Markets Board Chairman İbrahim Ömer Gönül following a preliminary examination. On October 19, Capital Markets Board Chairman Mahmut Sütcü submitted his resignation citing "health issues," while Deputy Treasury Minister Osman Çelik requested retirement.

The new arrest orders followed investigations into shares of Işıklar Enerji ve Yapı Holding A.Ş. (IEYHO), Vişne Madencilik Üretim Sanayi ve Ticaret A.Ş. (VSNMD), Odine Solutions Teknoloji Ticaret ve Sanayi A.Ş. (ODINE), and Tera Finansal Yatırımlar Holding A.Ş. (TRHOL). Among those detained is Altınbaş Holding Board Chairman İnan Altınbaş. Board Vice Chairman Nusret Altınbaş, who is among those against whom arrest orders were issued, has not yet been taken into custody. All assets of the Altınbaş family have been frozen.