Turkish authorities launch sweeping crackdown on stock market manipulation

On September 17, 2026, the Turkish Capital Markets Board (SPK) initiated a major enforcement action against 38 individuals suspected of widespread stock manipulation. The regulatory body imposed two-year trading bans and revoked professional licenses, triggering a liquidity crisis and a sharp sell-off at Borsa Istanbul. In response, the Financial Stability Committee, led by Finance Minister Mehmet Simsek, held an emergency meeting to reassure markets, officially labeling the situation a temporary, manageable problem that poses no structural risk to the exchange.

The investigation focuses on suspicious trading patterns surrounding the stocks of Katilimevim, Gundogdu Gida, and Destek Finans Faktoring, which had seen abnormal annual gains before their recent collapse. By September 18, the Istanbul Prosecutor's Office confirmed the arrests of several prominent financial figures, including Muhamed Yariz of Pusula Portfoy, Altunc Kumova of Destek Holding, Ibrahim Bekci of Tera Portfoy, and Namik Kemal Gokalp of Hedef Holding. Additionally, travel bans were issued for other executives, including Emre Tezmen and Serdar Turhan. While the market showed signs of recovery on Thursday, the legal proceedings against the arrested executives and the investigation into market volatility remain ongoing.