The fund investigation carried out by the Istanbul Chief Public Prosecutor's Office regarding transactions in the capital markets continues.
Within the scope of the investigation; A detention order was issued for former CMB Deputy Chairman Enver Usca, former CMB Board Member Bülent Murat Haholu, former CMB Partners Finance Department Head Kürşat Sait Babuçcu, former CMB Market Surveillance and Audit Department Head Ercan Urkan, Banking Regulation and Supervision Agency (BRSA) 4th Department Head Mustafa Alper Taş and Tera Holding Administrative Affairs Director Ümit Sincanlı.
Efforts are continuing to capture the suspects.
THE AMOUNT RETURNED BY 37 PEOPLE EXCEEDED 18 BILLION LIRA
1.5 months have passed in the fund investigation in which 121 people were arrested. The return of ill-gotten gains from the funds continues. The amount returned approached 19 billion lira.
FORMER BORSA ISTANBUL GENERAL MANAGER ERGUN WAS ARRESTED
Former Borsa Istanbul General Manager Korkmaz Enes Ergun, who was last detained in the investigation, was arrested on the charge of "taking bribes".
ATİLA TÜRELİ WAS APPOINTED TO BORSA İSTANBUL GENERAL DIRECTORATE AS PROXY
Following the detention of Korkmaz Enes Ergun, Borsa İstanbul A.Ş. With the decision taken at the Board of Directors Meeting, Borsa Istanbul Deputy General Manager Atila Türeli was appointed as proxy.
JUDICIAL CONTROL DECISION ABOUT UMUT GÜNER, ONE OF THE PARTNERS OF DÜNYA NEWSPAPER
Judicial control measures in the form of house arrest and a ban on traveling abroad were imposed on Umut Güner, one of the partners of Dünya newspaper, who was detained during the investigation.
FUND INVESTIGATION EXTENDED TO TAKASBANK
Takasbank General Manager Yunus Arıncı, who was called to testify, was also released with a travel ban and signature obligation.
WHO IS ENVER USCA?
51-year-old Enver Usca is a graduate of Ankara University Faculty of Law. Usca completed his master's degree and doctorate in Commercial Law at Gazi University.
Enver Usca started his professional career at CMB as an Assistant Specialist Lawyer in 1999 and continued as a Specialist Lawyer and Chief Specialist Lawyer.
Usca served as Head of the Legal Affairs Department at CMB and finally as Vice President of the Board.
Enver Usca was appointed as Deputy Chairman of the CMB Board in October 2022.
WHAT HAPPENED LATEST IN THE FUND INVESTIGATION?
As of November 3, there are 121 detainees in the fund investigation, which gained momentum in mid-September.
Finally, an arrest warrant was issued for former Borsa Istanbul General Manager Korkmaz Enes Ergun in the investigation.
Here are the important developments taking place day by day in the process…
August 28, 2026: After the prices of funds affiliated with some companies increased by more than 3 thousand percent in eight months with cross transactions in stocks with low transaction volume, the Capital Markets Board (CMB) requested that positions be reduced by imposing a limit of 5 percent in stocks outside BIST 30 and 20 percent in total in order to prevent hedge funds from overconcentrating in certain stocks.
September 15, 2026: Following the increasing sales demands of investors, Pusula Portföy announced that it was in default in participation fee refunds and payments. Funds tried to quickly dispose of their shares.
September 17, 2026: CMB; Pusula decided to liquidate a total of 131 funds belonging to Tera and other affiliated companies, involving more than 455 thousand investors.
September 20, 2026: CMB extended the liquidation and cash conversion schedule of funds from 3 months to 6 months so that investors can exit with less loss.
18-22 September 2026: Some fund managers were arrested; 51 people were banned from traveling abroad. Five more people, including Pusula Holding manager Serdar Turhan and Tera Yatırım Holding manager Emre Tezmen, were arrested in the investigation into capital market transactions.
September 24, 2026: During the investigation, two private jets and a yacht, valued at approximately 1.8 billion TL, were seized by court order.
September 25, 2026: With its bulletin, CMB announced the conditions for benefiting from effective remorse in market fraud crimes. The Board announced that those who want to benefit from the regulation must pay twice the amount of the benefit they obtained or caused, but not less than 500 thousand liras.
September 26, 2026: AK Party Deputy Chairman (MKYK and MYK member), former Minister of Family and Social Policies Fatma Betül Sayan Kaya resigned from office by requesting amnesty. It was claimed that Kaya and her husband İlyas Kaya invested 163 million TL in the shares of a company before the fund investigations, and made an unfair profit of 2.17 billion TL by selling these shares just before the liquidity crisis in the stock market and the fund collapse (between April and September 2026). Istanbul Chief Public Prosecutor's Office requested measures against the Kaya couple's assets within the scope of the investigation; The couple went to the courthouse and gave a statement and denied the accusations, stating that they "did not receive any specific information or guidance". After their statements, the Kaya couple took advantage of the "voluntary repayment/effective regret" mechanism introduced by the CMB and returned approximately 1.86 billion TL of profit they earned from the stock market to the account determined by SDIF. On September 29, the couple's assets were frozen.
September 29, 2026: Fund Coordination Board was established under the chairmanship of Vice President Cevdet Yılmaz. It was announced that the board would intervene in the crisis from a single center and ensure inter-institutional coordination.
It was announced that, upon the instruction of President Recep Tayyip Erdoğan, the State Supervisory Board (DDK) will be activated and an in-depth investigation has been launched into the behind-the-scenes of the crisis and bureaucratic negligence.
October 4, 2026: Istanbul Chief Public Prosecutor's Office applied to the Ministry of Treasury and Finance for permission to investigate former CMB Chairman İbrahim Ömer Gönül on charges of "abuse of power" within the scope of the fund crisis. The Ministry's Inspection Board also initiated an investigation into the allegations.
October 6, 2026: Minister of Justice Akın Gürlek announced that 214 real and legal persons who made suspicious withdrawals from the funds just before the fund crisis (13-16 September) were identified and that the unfair gains of these people were 187.6 billion TL. The list of 141 real persons and 73 legal entities (companies) was reported to the Savings Deposit Insurance Fund (TMSF). SDIF started official notifications to return these funds to special accounts created to cover the losses of the victims. In the first stage, interim payments of up to 1 million TL per fund began to be transferred to the accounts for approximately 455 thousand investors in 131 funds. Minister of Family and Social Services Mahinur Özdemir Göktaş announced that she filed a criminal complaint against New Party member Ümit Özlale, Istanbul Deputy Cemal Enginyurt and Mersin Deputy Ali Mahir Başkar due to allegations regarding the fund investigation.
8-9 October 2026: Journalists Mustafa Balcı and Şaban Sevinç were arrested due to news and allegations regarding the fund crisis; It was decided to impose judicial control measures in the form of house arrest for İsmail Saymaz and Murat Ağırel.
October 9, 2026: AK Party submitted its nine-article bill regarding repayments to fund investors in liquidation to the Presidency of the Turkish Grand National Assembly. The proposal envisages an interim payment of up to this amount for investors with a net investment amount of less than 1 million lira, and a maximum of 1 million lira for those with a net investment amount of 1 million or more.
October 10, 2026: Minister of Trade Ömer Bolat announced that he will take legal action regarding the funding allegations brought against him. He said that the 170 million lira transaction was not a withdrawal of money, but the sum of duplicate records resulting from the collection of sukuk certificates that expired in a period of approximately 32 months and the purchase of new certificates.
October 14, 2026: The bill containing regulations regarding some investment funds that were decided to be liquidated was accepted by the Grand National Assembly of Turkey Planning and Budget Commission. Thus, regulations are envisaged to recover the values illegally removed from the fund assets, collect them from those responsible and transfer them to investors.
October 17, 2026: The Capital Markets Board allowed the ordinary liquidation process of the funds founded by Hedef Portföy Yönetimi A.Ş., which was decided to be liquidated. On the other hand, from the beginning of the liquidation process to today; A1 Portfolio Management Company Inc., Bulls Portfolio Management Company Inc. It was announced that Ziraat Bank completed the in-kind and cash liquidation transactions amounting to approximately 40.8 billion liras to more than 45 thousand people in 66 separate investment funds managed by Ziraat Bank and Pardus Portföy Yönetimi Şirketi A.Ş. Thus, the number of funds in the liquidation process decreased from 131 to 65. The extraordinary liquidation process of Tera, Pusula and Atlas funds continues.
October 18, 2026: The Fund Coordination Board met for the sixth time. It was stated that a total of approximately 40.8 billion TL of liquidation has been completed for more than 45 thousand people to date.
October 20, 2026: Capital Markets Board Chairman Mahmut Sütçü was dismissed.
October 21, 2026: A new operation was carried out in the fund investigation. Işıklar Enerji ve Yapı Holding A.Ş. (IEYHO), Vişne Mining Production Industry and Trade Inc. (VSNMD), Odine Solutions Technology Trade and Industry Inc. (ODINE) and Tera Financial Investments Holding A.Ş. As a result of the investigation carried out on (TRHOL) shares, a detention order was issued for 31 suspects. It was reported that the review was carried out based on the reports and written applications submitted by the Capital Markets Board (CMB).
October 22, 2026: Five more suspects were detained in the new operation carried out in the fund investigation. Among the people detained are former prime minister advisor and member of parliament Ertan Aydın, KUYAŞ Investment Holding owner Abdullah Dal, Tera Holding official Seda Tarım, Hakan Eryılmaz and Fatih Uğur.
October 22, 2026: The Bill on Certain Investment Funds Decided to be Liquidated was passed by the Parliament and became law. The regulation paved the way for interim payments of up to 1 million lira.
October 24, 2026: 15 of the 22 suspects detained in the investigation were arrested. The number of detainees increased to 114. Among those arrested are former Türkiye Sigorta and Türkiye Hayat Emeklilik General Manager T aha Çakmak and Altınbaş Holding executive İnan Altınbaş.
October 26, 2026: The decision about former MP Ertan Aydın, who was given house arrest and a travel ban abroad, was objected to in the court where he was referred with a request for arrest. Aydin, who was detained in Ankara, was arrested. Also detained was Türkiye Sigorta Deputy General Manager Gürol Sami Özer. During the investigation, Nusret Altınbaş, owner of Altınbaş Holding, and former CMB Department Head Erman Çete were arrested. The number of detainees in the investigation increased to 118.
October 27, 2026: Tera Manager Hakan Gövdere and Ral Investment Holding Founding Partner and Chairman Rıza Kandemir were arrested.
