Turkish authorities launch investigation into major investment fund scandal

Turkish authorities have launched a comprehensive investigation into a major financial scandal involving 131 investment funds linked to seven companies, including Tera and Pusula. The probe concerns allegations of market manipulation and investor deception, with assets under management estimated at over 826 billion Turkish liras. The Turkish Capital Markets Board (SPK) has placed these schemes into liquidation.

Legal proceedings have been initiated against 76 suspects, 45 of whom have already been arrested, including Erkan Kilimci, a former deputy governor of the Central Bank. Justice Minister Akin Gurlek stated that the assets of fund owners and executives have been confiscated, while those of their immediate family members have been frozen. Turkish President Recep Tayyip Erdogan has promised that those responsible will face the law, while government officials, including spokesperson Omer Celik, emphasize the need to restore public trust.

While the government seeks to contain the fallout, local media reports suggest that failure to provide accountability could lead to political instability. Furthermore, the Finance Minister has publicly denied rumors of his resignation, seeking to stabilize the administration's image as the investigation continues.