BDDK Department Head Bilal Soysal Arrested in Fund Investigation

Bilal Soysal, one of the BDDK department heads, was arrested by the duty judge for minor offenses as part of the fund investigation being conducted by the Istanbul Chief Prosecutor's Office. Soysal was taken into custody on November 7; after his statement at the prosecutor's office was completed, he was referred to the court.

According to the background of the investigation, the Capital Markets Board (SPK) liquidated 131 investment funds belonging to TERA, PUSULA, HEDEF, ATLAS, A1, PARDUS, and BULLS PORTFÖY companies on September 17; some of the funds fell into default. The liquidation process will be completed within six months through İş Bankası and Ziraat Bankası.

Justice Minister Akın Gürlek announced on October 9 that 187 billion lira in illicit fund gains had been identified. Treasury and Finance Minister Mehmet Şimşek announced that the money of 43,000 fund participants had been transferred to banks.

Throughout the investigation, former AKP Deputy Chair and former Family Minister Fatma Betül Sayan Kaya was arrested on November 5; her husband İlyas Kaya and former SPK Chair Ömer Gönül were released under judicial supervision. It was alleged that the Kaya couple made profits of 21 times and 8 times respectively through a fund and withdrew a total of 2 billion 170 million lira at the beginning of the month.

Borsa İstanbul General Manager Korkmaz Enes Ergun was arrested on November 3 on charges of accepting a bribe. As of November 7, with the arrests of Ral Yatırım Holding Board Chair Rıza Kandemir and Tera executive Hakan Gövdere, the total number of detainees rose to 120; with Soysal's arrest, this number increased further.

Adil Katılım Bankası Board Chair Ali Emre Ballı was also found dead in his car on October 6, which became public during the investigation process. AKP Group Chair Abdullah Güler, on October 7, stated in Parliament that he did not see the need for establishing a commission, simply saying "The judiciary is working."