MASAK Former Deputy Chief Başak: I Was Detained After Reporting Tera Yatırım

Dr. Ramazan Başak, former Deputy Chief of the Financial Crimes Investigation Board (MASAK), told the TBMM Budget and Planning Commission that he filed a report against Tera Yatırım to the Presidential Communications Directorate (CİMER), and that following this report, authorities detained him twice instead of listening to his testimony, according to Sözcü Newspaper.

Başak stated that he informed the Capital Markets Board (SPK) via CİMER that Tera Yatırım engaged in market fraud under Law No. 6362 on Capital Markets. The report text contained a striking timeline about the company: Tera Yatırım went public in 2022 and obtained banking authorization in 2023.

According to Başak's statements, the report also mentions Kasım Garipoğlu, who is currently a fugitive. It is alleged that money transfers creating approximately 350 million dollars in transaction volume were conducted through GKFX, a company allegedly operating illegally and without a license under Garipoğlu in Turkey.

Başak's report to CİMER and the institution's response being shared with the public uncovered details that had not previously been disclosed to the public on the TBMM commission agenda. The detention of a person who issued a warning about a company whose oversight falls under MASAK's authority following his report has raised serious questions about the functioning of oversight mechanisms.

Tera Yatırım was brought to the TBMM agenda in connection with the fund crisis that was debated in public discourse. Large-scale fraud allegations against the company had previously been reported in the press; however, at that time, the SPK or MASAK did not provide a response that satisfied the public.