31.10.2026 20:30
Korkmaz Enes Ergun, General Manager of Borsa Istanbul, was detained within the scope of a fund investigation. In a statement from the Istanbul Chief Public Prosecutor's Office, it was stated that Ergun was accused of "membership in an organization" and "bribery."
Korkmaz Enes Ergun, General Manager of Borsa Istanbul, was taken into custody as part of the fund investigation. In a statement by the Istanbul Chief Public Prosecutor's Office, it was stated that Ergun was accused of "membership in an organization established for the purpose of committing crimes" and "bribery."
In the Chief Public Prosecutor's Office statement, it was stated: "Within the scope of the 'Fund Investigation' being conducted by our Chief Public Prosecutor's Office; Korkmaz Enes Ergun, General Manager of Borsa Istanbul A.Ş., was taken into custody on charges of 'membership in an organization established for the purpose of committing crimes and bribery.'"
WHAT HAD HAPPENED?
Allegations that stock prices were artificially raised through certain investment funds on Borsa Istanbul and that investors were harmed turned into a major crisis in September 2026. In particular, the inability of some funds within Pusula Portföy and Tera Portföy to meet investors' withdrawal requests increased selling pressure in the markets. While sharp declines were experienced in the BIST 100 index, the Capital Markets Board (SPK) decided on September 17 to liquidate 131 investment funds.
THE INVESTIGATION WAS EXPANDED
Within the scope of the investigation initiated by the Istanbul Chief Public Prosecutor's Office, allegations that manipulative transactions were carried out in the shares of certain companies through funds and that proceeds from crime were laundered began to be investigated. During the operations, many company executives and market actors were taken into custody, while the suspects' assets and money movements were also brought under examination. As of October 23, the number of those arrested within the scope of the investigation rose to 99.
In the later stages of the investigation, detention orders were issued for new names from the business world and the financial sector. In an operation carried out on October 21, 26 people were taken into custody, and an arrest warrant was also issued for Nusret Altınbaş, the owner of Altınbaş Holding.
WARNING DISPUTE BETWEEN BORSA ISTANBUL AND THE SPK
While the investigation continued, the claim had come to the agenda that Borsa Istanbul had warned the SPK 130 times about suspicious investment funds starting from 2025, but these warnings were not taken into account. The SPK stated that the number in question did not reflect the truth and announced that the notifications sent to it had been evaluated.
Borsa Istanbul General Manager Korkmaz Enes Ergun, who answered MPs' questions at the Grand National Assembly of Turkey (TBMM) Plan and Budget Committee on October 15, had used the statements, "As Borsa Istanbul, we made our notifications to the SPK; we did what was necessary in this regard."