Borsa Istanbul CEO arrested over financial fraud scandal

Turkish authorities arrested Korkmaz Ergun, the CEO of Borsa Istanbul, on October 31, 2026, amid an expanding investigation into a major investment fund scandal. Ergun, who also serves as deputy chairman of the clearinghouse Takasbank, faces allegations of bribery and participation in a criminal organization. The probe also involves Ibrahim Omer Gonul, the former head of the Turkish Capital Markets Board.

This investigation, which began in mid-September after the collapse of several investment schemes, has affected approximately 500,000 savers. Authorities have launched a wide-ranging crackdown on market manipulation and collusion, resulting in numerous arrests, including the recent detention of Taha Cakmak, the CEO of a state-owned entity. The scandal has sent shockwaves through Turkey’s financial sector, with judicial authorities currently widening their focus to include high-ranking officials within the market regulatory framework.