25.10.2026 15:11
In the fund investigation conducted by the Istanbul Chief Public Prosecutor's Office, an arrest warrant was issued for former AK Party MP and prime minister adviser Ertan Aydın. The prosecutor's office objected to the previous decision of house arrest and a ban on leaving the country issued for Aydın. The court, evaluating the objection, ruled that an arrest warrant be issued for Aydın.
The fund investigation conducted by the Istanbul Chief Public Prosecutor's Office into transactions carried out in the capital markets is ongoing.
The prosecutor's office objected to the judicial control decision issued for former AK Party MP, former prime minister's adviser and founder of a research and campaign company Ertan Aydın, who was detained within the scope of the investigation.
The court evaluating the objection decided to issue an arrest warrant for Aydın.
A HOUSE ARREST ORDER HAD BEEN ISSUED EARLIER
Within the scope of the investigation, Ertan Aydın had been referred to the magistrate judge with a request for arrest by the prosecutor's office.
The court had ruled that judicial control measures of "not leaving the residence" and "ban on going abroad" be imposed on Aydın.
After the prosecutor's office objected to this decision, an arrest warrant was issued for Aydın.
WHAT HAS HAPPENED SO FAR IN THE FUND INVESTIGATION?
The fund investigation into transactions carried out in the capital markets gained pace starting in September. Within the scope of the investigation, detention and arrest decisions were issued for many people, while asset seizure measures were also imposed.
Here are the key developments in the fund investigation so far:
AUGUST 28, 2026: CMB IMPOSES RESTRICTIONS ON FUNDS
After the prices of funds affiliated with certain companies increased by more than 3,000 percent in eight months through cross trades in low-volume stocks, the Capital Markets Board (CMB) took action.
To prevent free funds from becoming excessively concentrated in certain stocks, the CMB introduced a 5 percent limit for stocks outside BIST 30 and a 20 percent limit in total. Funds were asked to reduce their positions.
SEPTEMBER 15, 2026: PUSULA PORTFÖY DEFAULTED
After investors' increasing sell requests, Pusula Portföy announced that it had defaulted on redemption of participation shares and payments. Following this development, funds tried to quickly offload the shares they held.
SEPTEMBER 17, 2026: LIQUIDATION DECISION FOR 131 FUNDS
The CMB decided to liquidate a total of 131 funds belonging to Pusula, Tera and other affiliated companies. It was announced that the decision concerned more than 455,000 investors.
SEPTEMBER 20, 2026: LIQUIDATION PERIOD EXTENDED
So that investors could exit with less loss, the CMB extended the liquidation and conversion-to-cash schedule for the funds from 3 months to 6 months.
SEPTEMBER 18-22, 2026: FUND MANAGERS ARRESTED
Within the scope of the investigation, some fund managers were arrested, while a travel ban abroad was imposed on 51 people. Five more people were arrested, including Pusula Holding manager Serdar Turhan and Tera Yatırım Holding manager Emre Tezmen.
SEPTEMBER 24, 2026: PRIVATE JETS AND YACHT SEIZED
Within the scope of the investigation, two private jets stated to be worth approximately 1.8 billion TL and a yacht were seized by court order.
SEPTEMBER 25, 2026: CONDITIONS FOR EFFECTIVE REMORSE ANNOUNCED
With a bulletin it published, the CMB announced the conditions for benefiting from effective remorse in market fraud crimes.
It was announced that those wishing to benefit from the regulation must make a payment equal to twice the benefit they obtained or caused, and not less than 500,000 lira.
SEPTEMBER 26, 2026: FATMA BETÜL SAYAN KAYA RESIGNED
AK Party Deputy Chairman, MKYK and MYK member and former Minister of Family and Social Policies Fatma Betül Sayan Kaya resigned by requesting to be excused from her post.
It was alleged that Kaya and her husband İlyas Kaya invested 163 million TL in a company's shares before the fund investigations and obtained 2.17 billion TL in unjust profit by selling these shares in the April-September period.
The Istanbul Chief Public Prosecutor's Office requested that a precautionary measure be imposed on the assets of the Kaya couple within the scope of the investigation.
The couple, who went to the courthouse and gave statements, denied the accusations, stating that they had not received any special information or guidance.
Benefiting from the CMB's voluntary repayment and effective remorse mechanism, the Kaya couple returned approximately 1.86 billion TL in profit they obtained from the stock exchange to the account designated by TMSF.
On September 29, the couple's assets were frozen.
SEPTEMBER 29, 2026: FUND COORDINATION BOARD ESTABLISHED
A Fund Coordination Board was established under the chairmanship of Vice President Cevdet Yılmaz.
It was announced that the board would intervene in the crisis from a single center and ensure coordination among institutions.
It was announced that, with the instruction of President Recep Tayyip Erdoğan, the State Supervisory Council (DDK) would be activated and a comprehensive examination had been launched into the behind-the-scenes of the crisis and bureaucratic negligence.
OCTOBER 4, 2026: REQUEST FOR INVESTIGATION PERMISSION FOR FORMER CMB HEAD
Within the scope of the fund crisis, the Istanbul Chief Public Prosecutor's Office applied to the Ministry of Treasury and Finance for permission to investigate former CMB Chairman İbrahim Ömer Gönül on the charge of "abuse of office."
The Ministry Inspection Board also launched an examination regarding the allegations.
OCTOBER 6, 2026: STATEMENT ON 187.6 BILLION TL UNJUST PROFIT
Minister of Justice Akın Gürlek announced that 214 natural and legal persons who made suspicious exits from funds on September 13-16, just before the fund crisis, had been identified.
Gürlek reported that the unjust profit obtained by these people was 187.6 billion TL.
The list consisting of 141 natural persons and 73 legal entities was sent to TMSF. TMSF began official notifications for the return of the money to special accounts created to compensate the victims' losses.
For approximately 455,000 investors in 131 funds, interim payments of up to 1 million TL per fund began to be transferred to accounts in the first stage.
On the same day, Minister of Family and Social Services Mahinur Özdemir Göktaş announced that she had filed a criminal complaint against New Party member Ümit Özlale, Istanbul MP Cemal Enginyurt and Mersin MP Ali Mahir Başarır due to allegations regarding the fund investigation.
OCTOBER 8-9, 2026: JUDICIAL DECISIONS REGARDING JOURNALISTS
Journalists Mustafa Balcı and Şaban Sevinç were arrested on the grounds of news and allegations regarding the fund crisis.
For İsmail Saymaz and Murat Ağırel, a judicial control measure in the form of house arrest was ordered.
OCTOBER 9, 2026: BILL FOR FUND INVESTORS
The AK Party submitted to the Grand National Assembly Speaker's Office a nine-article bill regarding repayments to investors in funds under liquidation.
The bill envisaged that investors whose net investment amount was below 1 million lira would receive an interim payment up to that amount, while those with a net investment amount of 1 million lira or more would receive at most 1 million lira.
OCTOBER 10, 2026: ÖMER BOLAT RESPONDS TO FUND ALLEGATIONS
Minister of Trade Ömer Bolat announced that he would resort to the judiciary regarding the fund allegations brought against him.
Bolat said that the 170 million lira transaction was not a withdrawal of money, but the total of duplicate records formed due to the collection of matured sukuk certificates and purchases of new certificates over a period of approximately 32 months.
14 OCTOBER 2026: FUND REGULATION PASSED THE COMMISSION
The bill containing regulations regarding certain investment funds decided to be liquidated was accepted in the Planning and Budget Committee of the Grand National Assembly of Turkey.
The bill envisages regulations for recovering values unlawfully removed from fund assets, collecting them from those responsible, and transferring them to investors.
17 OCTOBER 2026: TRY 40.8 BILLION LIQUIDATION PROCESS COMPLETED
The Capital Markets Board (SPK) allowed the ordinary initiation of liquidation proceedings for funds founded by Hedef Portföy Yönetimi A.Ş., whose liquidation had been decided.
It was announced that Ziraat Bank completed in-kind and cash liquidation transactions totaling approximately TRY 40.8 billion for over 45,000 people in 66 separate investment funds managed by A1 Portföy Yönetim Şirketi A.Ş., Bulls Portföy Yönetim Şirketi A.Ş. and Pardus Portföy Yönetim Şirketi A.Ş.
Thus, the number of funds in the liquidation process fell from 131 to 65.
It was reported that the extraordinary liquidation process of the funds of Tera, Pusula and Atlas continues.
18 OCTOBER 2026: FUND COORDINATION COUNCIL MET FOR THE SIXTH TIME
The Fund Coordination Council held its sixth meeting.
At the meeting, it was stated that liquidation transactions totaling approximately TRY 40.8 billion had been completed for over 45,000 people to date.
20 OCTOBER 2026: CHAIRMAN OF THE CMB DISMISSED
Mahmut Sütçü, Chairman of the Capital Markets Board, was dismissed.
21 OCTOBER 2026: DETENTION ORDER ISSUED FOR 31 SUSPECTS
A new operation was carried out within the scope of the fund investigation.
As a result of investigations into the shares of Işıklar Enerji ve Yapı Holding A.Ş. (IEYHO), Vişne Madencilik Üretim Sanayi ve Ticaret A.Ş. (VSNMD), Odine Solutions Teknoloji Ticaret ve Sanayi A.Ş. (ODINE) and Tera Finansal Yatırımlar Holding A.Ş. (TRHOL), a detention order was issued for 31 suspects.
It was reported that the investigation was conducted upon reports submitted by the CMB and written applications.
22 OCTOBER 2026: FIVE PEOPLE, INCLUDING ERTAN AYDIN, DETAINED
In the new operation carried out in the fund investigation, five more suspects were detained.
Among those detained were former prime minister advisor and member of parliament Ertan Aydın, KUYAŞ Yatırım Holding owner Abdullah Dal, Tera Holding official Seda Tarım, as well as Hakan Eryılmaz and Fahri Uğur.
22 OCTOBER 2026: FUND REGULATION ENACTED
The Bill on Certain Investment Funds Decided to be Liquidated was accepted and enacted by the General Assembly of the Grand National Assembly of Turkey.
With the regulation, the way was opened for making interim payments of up to TRY 1 million to investors of funds in liquidation.