Turkish banking regulator head Sahap Kavcioglu resigns amid investment fund scandal

On Wednesday, November 11, 2026, Sahap Kavcioglu announced his resignation as president of Turkey’s Banking Regulation and Supervision Agency (BDDK). Kavcioglu, who previously served as Governor of the Central Bank of Turkey from 2021 to 2023, submitted his request to President Recep Tayyip Erdogan to step down. He stated that his decision was intended to prevent further harm to the agency's reputation following allegations linking him and the BDDK to an ongoing investment fund scandal.

While Kavcioglu has publicly denied any personal involvement or claims of bribery, the investigation being conducted by the Istanbul Public Prosecutor's Office has expanded significantly. To date, 123 high-ranking officials from the financial and business sectors have been imprisoned in connection with the probe. Notable figures currently in custody include former Takasbank General Manager Yunus Arinci, OMG Capital Advisors Chairman Omer Murat Gulkan, and Adil Katilim Bankasi shareholder Ali Pasli. Additionally, authorities have placed four other executives under house arrest, including the heads of Bulls Yatirim and Lydia Holding.

The resignation follows a series of arrests of senior BDDK staff members, highlighting the growing pressure on regulatory oversight within Turkey. Although Kavcioglu maintains that the BDDK is not involved in the fraudulent investment funds, the scale of the detentions indicates that the legal proceedings against major financial figures will continue.