07.11.2026 11:11
Within the scope of the "fund investigation" conducted by the Istanbul Chief Public Prosecutor's Office into transactions carried out in the capital markets, 4 more people, including former Capital Markets Board (SPK) Deputy Chairman Enver Usca, were arrested.
The fund investigation conducted by the Istanbul Chief Public Prosecutor's Office into transactions carried out in the capital markets is ongoing.
Within the scope of the investigation, 4 of the 6 suspects sent to the courthouse yesterday, including former Capital Markets Board Vice President Enver Usca, were arrested. Judicial control measures were imposed on 1 suspect. Another suspect was released by the prosecutor's office.
THE IDENTITIES OF THE 4 ARRESTED PERSONS HAVE BEEN CONFIRMED
The names of the suspects arrested within the scope of the investigation and the legal provisions cited against them are as follows:
- Ümit Sincanlı
- Mustafa Alper Taş
- Ercan Urkan
- Enver Usca
Following these arrests, the number of arrested persons in the fund investigation rose to 118.
WHAT WAS THE LATEST DEVELOPMENT IN THE FUND INVESTIGATION?
In the investigation, on November 3, former Borsa Istanbul General Manager Korkmaz Enes Ergun was arrested on charges of accepting bribes. On November 5, an arrest order was issued for former Minister of Family and Social Policies Fatma Betül Sayan Kaya on charges of membership in a criminal organization and violating the Capital Markets Law.
Most recently, 4 more people were arrested, including former CMB Vice President Enver Usca. Thus, judicial proceedings against former public officials continued within the scope of the investigation.
AUGUST 2026: FIRST INTERVENTION IN FUNDS
August 28: After the prices of some funds rose by more than 3,000 percent in eight months as a result of cross transactions in low-volume stocks, the CMB took action. To prevent free funds from becoming excessively concentrated in certain stocks, a 5 percent limit was introduced for stocks outside the BIST 30, and a 20 percent limit in total.
SEPTEMBER 2026: THE FUND CRISIS DEEPENED
September 15: Amid investors' growing sell requests, Pusula Portfolio announced that it had defaulted on the redemption of participation shares and on payments.
September 17: The CMB decided to liquidate 131 funds belonging to Pusula, Tera and affiliated companies. More than 455,000 investors were affected by the decision.
September 18-22: Arrests were made in operations targeting fund managers. Among those arrested were Pusula Holding executive Serdar Turhan and Tera Investment Holding executive Emre Tezmen. A travel ban abroad was imposed on 51 people.
September 20: The period envisaged for the liquidation and conversion of funds into cash was extended from three months to six months.
September 24: Within the scope of the investigation, two private jets and one yacht, reportedly worth approximately 1.8 billion lira, were seized.
September 25: The CMB announced the conditions for benefiting from effective remorse in market fraud offenses. It was stated that those wishing to benefit from the regulation must pay an amount equal to twice the benefit they obtained or caused, and no less than 500,000 lira.
September 26: Former Minister Fatma Betül Sayan Kaya resigned from her posts in the AK Party. It was alleged that Kaya and her husband İlyas Kaya obtained 2.17 billion lira in unfair profit from stock transactions. The couple denied the accusations, stating that they did not receive inside information or guidance. It was reported that approximately 1.86 billion lira in profit was returned.
September 29: The assets of the Kaya couple were frozen. On the same day, a Fund Coordination Board was established under the chairmanship of Vice President Cevdet Yılmaz.
OCTOBER 2026: CONSECUTIVE OPERATIONS IN THE INVESTIGATION
October 4: Permission to investigate former CMB Chairman İbrahim Ömer Gönül was requested on charges of abuse of office.
October 6: Minister of Justice Akın Gürlek made a statement regarding the transactions of 214 natural and legal persons identified as having made suspicious exits before the fund crisis. He said that their total unfair profits amounted to 187.6 billion lira.
October 8-9: Judicial proceedings were carried out against some journalists due to news and statements about the fund crisis. Mustafa Balcı and Şaban Sevinç were arrested, while İsmail Saymaz and Murat Ağırel were placed under house arrest.
October 9: The AK Party submitted to the Grand National Assembly of Turkey a nine-article bill regulating repayments to investors of liquidated funds.
October 14: The bill containing regulations for fund investors was accepted by the Planning and Budget Committee of the Grand National Assembly of Turkey.
October 17: It was announced that, through Ziraat Bank, in-kind and cash liquidation transactions worth approximately 40.8 billion lira were completed for more than 45,000 investors across 66 separate funds. The number of funds in the liquidation process fell from 131 to 65.
October 18: The Fund Coordination Board held its sixth meeting.
October 20: CMB Chairman Mahmut Sütçü was dismissed.
October 21: As part of investigations into shares of Işıklar Enerji, Vişne Madencilik, Odine Solutions and Tera Finansal Yatırımlar Holding, detention orders were issued for 31 suspects.
October 22: Five suspects were detained, including former MP Ertan Aydın, KUYAŞ Yatırım Holding owner Abdullah Dal, and Tera Holding official Seda Tarım.
October 24: Of 22 suspects sent to the courthouse, 15 were arrested. Among those arrested were former Türkiye Sigorta General Manager Taha Çakmak and Altınbaş Holding executive İnan Altınbaş.
October 26: Arrest orders were issued for former MP Ertan Aydın, Türkiye Sigorta Deputy General Manager Gürol Sami Özer, Nusret Altınbaş and former CMB Department Head Erman Çete.
October 27: Tera executive Hakan Gövdere and Ral Yatırım Holding Board Chairman Rıza Kandemir were arrested.
NOVEMBER 2026: FORMER MINISTER AND HIGH-LEVEL FIGURES ARRESTED
November 3: Former Borsa Istanbul General Manager Korkmaz Enes Ergun was arrested on charges of accepting bribes.
November 5: Former Minister of Family and Social Policies Fatma Betül Sayan Kaya was arrested on charges of membership in a criminal organization and violating the Capital Markets Law.
November 7: In the latest judicial proceedings, former CMB Vice President Enver Usca, Ümit Sincanlı, Mustafa Alper Taş and Ercan Urkan were arrested. A judicial control order was issued for Kürşad Sait Babuçcu, while Bülent Murat Haholu was released after giving his statement to the prosecutor's office.