Stock market manipulation scandal: arrests in Turkey

Several people have been arrested in Turkey in the wake of a stock market manipulation scandal. As Finance Minister Akın Gürlek announced on X, at least 45 people were arrested as part of the investigation, including executives of investment companies. In addition, the assets of 42 private individuals, 18 funds and 46 legal entities were frozen.

The stock market scandal has been bothering the Turkish authorities since mid-September. The Istanbul public prosecutor's office is investigating, among other things, fraud, violations of the Capital Markets Act and the establishment of a criminal organization, said Gürlek.

According to the state news agency Anadolu, the Turkish capital market authority SPK previously liquidated 131 investment funds in which, according to media reports, billions of euros in assets were tied up. It is now being investigated whether fund valuations on the stock market were artificially inflated in order to achieve higher profits. According to Anadolu, more than 455,000 investors are affected, including numerous small investors.