Within the scope of the investigation carried out by the Istanbul Chief Public Prosecutor's Office, it was stated that an investigation was initiated upon notices that manipulative actions were carried out through the portfolio management sector and funds in some shares traded in the Borsa Istanbul Equity Market. In the prosecutor's letter, it was noted that there were price increases of up to 100 times in some stocks and that these movements were considered abnormal.
ARTIFICIAL PRICE INCREASE OVER FUNDS
The investigation letter included the assessment that most of the relevant shares were collected through funds, that the purchases made within the scope of fund transactions caused an increase in share prices, and that this increase also increased the values of the relevant funds. In the article, which stated that the market value, capital, equity and periodic profit statements of the companies were examined together, it was stated that there was a very high difference between the book value and market values of some shares. It was claimed that the share purchases made by the fund owners created demand, then these shares were sold to the funds, and as a result of these transactions, both the share and the fund value increased. The prosecutor's office stated that the actions in question are considered within the scope of the crime of market fraud regulated in Article 107 of the Capital Markets Law and that there is a strong suspicion of crime in this context.
131 FUNDS WERE CLOSED FOR TRANSACTION IN TEFAS
The article also stated that 131 funds were closed to purchase and sale transactions at TEFAS, in line with the decision of the Capital Markets Board decision-making body dated September 17, 2026. The list prepared within the scope of the investigation included 46 legal entities and 18 funds. Among the legal entities, there are companies such as Tera Yatırım Menkul Değerler A.Ş., Pusula Yatırım Menkul Değerler A.Ş., Tera Yatırım Bankası A.Ş., Pusula Finans Holding A.Ş., Ulusoy Un Sanayi ve Ticaret A.Ş., Astor Enerji A.Ş., Tatilbudur, Enuygun, Türkiye Sigorta, Türkiye Hayat ve Emeklilik, Doğa Sigorta, Eker Süt Ürünleri, Yayla Agro Gıda, Katılımevim and Alfa Solar Enerji.
The responsible fund list included funds such as Tera Portföy Equity Fund, Tera Portföy First Hedge Fund, Pusula Portföy Equity Fund, Pusula Portföy First Variable Fund, Pusula Portföy Third Equity Hedge Fund, Tera Portföy Fourth Equity Hedge Fund, Hedef Portföy Doğu Equity Hedge Fund and Atlas Portföy Hedge Fund.
ASSET MEASURES FOR 42 PEOPLE
In the real person list prepared by the prosecutor's office, Muhammed Yarız, Serdar Turhan, Erdin Özel, Abdullah Ercan, Melis Sandal, Emrullah Ercan, Ömer Bedir Çetinel, Mustafa Dedik, Hakan Yıldız, Enver Geçgel, İsmet Öğüt, Tarık Sarvan, Tolga Aydın, Ezgi Kaya, Burhan Tunç Özkan, Mehmet Selçuk Aksoy, Turgay Ceylani, Rıza Kandemir, Cengiz Avcı. and Furkan Talay, there are a total of 42 people. The Chief Public Prosecutor's Office requested that measures be taken regarding the activities that reduce the assets of the people on the list, their spouses, children and designated family relatives. In this context, it was requested to obtain the opinion of the Chief Public Prosecutor's Office before carrying out transfer, assignment, sale, donation, mortgage and pledge establishment, account closing, high amount cash withdrawal and high amount EFT and money transfer transactions.
REAL ESTATE, SHIPS AND AIRPLANES WILL ALSO BE INVESTIGATED
With the letter, the General Directorate of Land Registry and Cadastre, the General Directorate of Maritime Affairs and the General Directorate of Civil Aviation were requested to identify the real estate, ships and aircraft registered in the names of the people on the list and their spouses. In addition, it was instructed to freeze the capital market instruments in the accounts of the relevant persons and to report to the Chief Public Prosecutor's Office any transactions that are deemed to be out of ordinary activity, remarkable in terms of amount or frequency, and that are considered to reduce their assets.
The precautionary letter was sent to the Banks Association of Turkey, the Participation Banks Association of Turkey, the Notaries Association of Turkey, the General Directorate of Land Registry and Cadastre, the General Directorate of Maritime Affairs, the General Directorate of Civil Aviation, MASAK, the Central Registry Agency, the CMB, the Istanbul Clearing and Custody Bank and the Borsa Istanbul.
FIRST STATEMENT FROM MUSTAFA SANDAL
Dear friends; My forehead is white! To date, I have never been in a situation such as buying or selling any funds or being involved in such an organization. I share our people's sensitivity on this issue with respect and the same feelings. For 32 years, my only income has been music, at your discretion. My wife and her lawyer made the necessary statement regarding the issue.
