Turkey orders detention of 34 more suspects in widening investment fund probe

Turkish authorities ordered the ​detention of 34 ​more suspects as part ‌of ​an investigation into alleged market manipulation and funds, Justice Minister Akin Gurlek said ‌on Wednesday. In a post on X, Gurlek said authorities were also examining trading activity in 26 stocks listed on Borsa ‌Istanbul deemed to have been subject to manipulative transactions, ‌money transfers and connections to individuals and accounts that generated unusually large gains.

He added that legal procedures would be launched to transfer assets determined ⁠to ​be proceeds ⁠of crime to a fund established under the Savings Deposit Insurance Fund (TMSF). Turkey's ⁠fund crisis erupted after suspected price manipulation in a number of ​thinly traded stocks triggered heavy losses and redemption pressures ⁠at investment funds.

Almost half a million investors hold stakes in more ⁠than ​100 Turkish investment funds with combined assets of $20 billion that authorities ordered to be liquidated this month. Gurlek ⁠said the latest operation brings the total number of suspects targeted ⁠in the ⁠probe to 217, including 56 jailed pending trial and 88 placed under judicial supervision while ‌the investigation ‌continues.