Türkiye Detains 15 Suspects in Stock Market Manipulation Probe

Turkish authorities detained 15 suspects and froze the assets of executives linked to nine financial companies as part of a widening investigation into stock market manipulation. Justice Minister Akın Gürlek announced on September 21 that prosecutors launched proceedings against 25 suspects regarding the trading of shares in Katılımevim Tasarruf Finansman.

The probe follows a September 17 report from the Capital Markets Board and a sharp sell-off at Borsa Istanbul, where the BIST 100 index dropped over 7.5 percent. Asset freezes target executives from firms including Pusula Finans Holding, Tera Yatırım, Hedef Holding, and Bulls Yatırım to prevent the concealment of funds.

The Financial Crimes Investigation Board is currently reviewing cryptocurrency and overseas transfers since 2024, with reports indicating millions of dollars and euros were moved to Switzerland. Simultaneously, the Capital Markets Board halted trading in funds from seven asset managers on the TEFAS platform and ordered 131 funds into liquidation, appointing İşbank and Ziraat Bankası to oversee the process.