Key facts
- Former Capital Markets Board deputy chairperson Enver Usca was remanded in custody on bribery charges, Turkish Minute reported.
- Former board member Bulent Murat Haholu was released after questioning; former corporate finance head Kursat Sait Babuccu was placed under judicial control.
- Tera Holding administrative affairs director Umit Sincanli was remanded on charges of membership in a criminal organization and laundering crime proceeds.
- Justice Minister Akin Gurlek said investigators identified 433 suspects, with 112 arrested and 186 placed under judicial control.
- Gurlek said authorities recovered around 30 billion lira ($598.3 million) in cash, real estate and shares through a restitution account.
- The Capital Markets Board placed 131 funds under liquidation, affecting more than 455,000 investors, Turkish Minute reported.
Turkish authorities remanded three former financial regulators in custody on bribery charges on November 7, 2026, Turkish Minute reported, the latest arrests in an investigation into investment funds that defaulted in mid-September.
The three are former Capital Markets Board deputy chairperson Enver Usca, former Market Surveillance and Inspection Department head Ercan Urkan and former Banking Regulation and Supervision Agency department head Mustafa Alper Tas. Two other former Capital Markets Board officials were also detained: former board member Bulent Murat Haholu was released after questioning, and former Corporate Finance Department head Kursat Sait Babuccu was placed under judicial control with a travel ban and regular reporting requirements.
Separately, Tera Holding administrative affairs director Umit Sincanli was remanded in custody on charges of membership in a criminal organization and laundering assets derived from crime, Turkish Minute reported.
After the mid-September defaults, the Capital Markets Board put 131 troubled investment funds under liquidation over a six-month period. Turkish Minute reported that the decision affected more than 455,000 investors and a combined asset base estimated at around 936.3 billion lira ($19.1 billion).
Justice Minister Akin Gurlek said investigators had identified 433 suspects, with 112 people arrested, 186 placed under judicial control and 38 at large with arrest warrants issued. Authorities froze bank accounts and imposed asset restrictions on 359 individuals and 111 legal entities, he said, and recovered around 30 billion lira ($598.3 million) in cash, real estate and shares through a voluntary restitution account set up under the Savings Deposit Insurance Fund.
"The structure we are facing is not limited to simple stock market manipulation or a stock market scam; it is a comprehensive criminal organization," Gurlek said, adding that investigators had identified a network that had penetrated senior financial oversight mechanisms.
The arrests follow the detention on October 31 of former Borsa Istanbul general manager Korkmaz Enes Ergun over suspected involvement in a criminal organization and bribery. Former Family and Social Services Minister Fatma Betul Sayan Kaya was also arrested over alleged membership in a criminal organization and violations of the Capital Markets Law, while former Capital Markets Board chairman Ibrahim Omer Gonul was released under judicial control with a travel ban.