03.11.2026 09:52
In the fund investigation conducted by the Istanbul Chief Public Prosecutor's Office, detention orders were issued for 6 people. Within the scope of the decision, former Deputy Chairman of the Capital Markets Board (SPK) Enver Usca and 3 former officials of the SPK are included. The list also includes Mustafa Alper Taş, Head of the 4th Enforcement Department of the Banking Regulation and Supervision Agency (BDDK), and Ümit Sincanlı, Administrative Affairs Director of Tera Holding.
The investigation into transactions in the capital market has extended to senior executives of institutions responsible for supervising the market. The detention order came on the day former Borsa Istanbul General Manager Korkmaz Enes Ergun was arrested.
NAMES FOR WHOM DETENTION ORDERS WERE ISSUED
The 6 people for whom detention orders were issued within the scope of the investigation are as follows:
Enver Usca (former Deputy Chairman of the CMB Board), Bülent Murat Haholu (former Member of the CMB Board), Kürşat Sait Babuçcu (former Head of the CMB Corporate Finance Department), Ercan Urkan (former Head of the CMB Market Surveillance and Supervision Department), Mustafa Alper Taş (Head of the 4th Enforcement Department of the BRSA) and Ümit Sincanlı (Administrative Affairs Director of Tera Holding).
WHO IS ENVER USCA?
Enver Usca, born in Mersin in 1975, graduated from Ankara University Faculty of Law. Usca completed a master's degree and doctorate in commercial law at Gazi University. He began his career at the CMB in 1999 as an assistant legal expert. He served as Head of the Legal Affairs Department and Deputy Chairman of the Board at the institution.
Usca was appointed Deputy Chairman of the CMB on October 30, 2022, replacing Mutalip Ünal. His four-year term ended on October 31, 2026, only 3 days before the detention order.
CLAIM THAT “THEY OPPOSED TERA”
The personnel change in 2022, when Usca was appointed, came up again during the investigation. According to claims in the press, Ünal, who was removed from office, and board member Ali Akay had not approved TERA’s public offering. TERA went public in December 2022, about two months after this personnel change. The CMB, however, stated that the claim that the personnel change was linked to the objection to TERA did not reflect the truth.
3 FORMER CMB OFFICIALS ALSO ON THE LIST
Bülent Murat Haholu, who was appointed as a CMB Board Member the same day in place of Akay, was also among those for whom a detention order was issued. Haholu, born in 1974, began working at the CMB Corporate Finance Department in 1997 as an assistant expert. Haholu, who served as Head of the Strategy Development Department before his board membership, also completed his term on October 31 together with Usca.
The other two former CMB officials on the list, Kürşat Sait Babuçcu and Ercan Urkan, had been removed from office in June 2026. Babuçcu was the head of the Corporate Finance Department, responsible for supervising public offering processes and companies’ public disclosure obligations. Dr. Ercan Urkan headed the Market Surveillance and Supervision Department, which conducted investigations into manipulation and market-distorting actions.
TWO NAMES FROM THE BRSA AND TERA
Mustafa Alper Taş, for whom a detention order was issued, serves as Head of the 4th Enforcement Department at the Banking Regulation and Supervision Agency (BRSA). The last name on the list, Ümit Sincanlı, works as Administrative Affairs Director at Tera Holding.
CMB MANAGEMENT CHANGED
After the fund crisis, radical changes also occurred in the CMB management. CMB Chairman Mahmut Sütcü was removed from office on October 20. With the Presidential Decree dated October 31, 3 new appointments were made to the board.
FORMER GENERAL MANAGER OF BORSA ISTANBUL ARRESTED
In the investigation, former General Manager of Borsa Istanbul AŞ Korkmaz Enes Ergun was also arrested today on the charge of “taking bribes.” Ergun had been detained on October 31 on charges of “membership in an organization established for the purpose of committing crimes” and “bribery.”
The number of detainees in the investigation, which gained pace in mid-September, had reached 120. The return of unjust gains obtained from funds is also continuing, and the amount returned has approached 19 billion lira. Investigations continue regarding 131 funds, in which there are 455,758 investors and whose liquidation has been decided.