29.10.2026 22:37
Nusret Altınbaş, owner of Altınbaş Holding, for whom an arrest warrant had been issued as part of the fund investigation and who surrendered to the police the previous day, was referred to the on-duty magistrate's court with a request for his detention.
A new development has occurred in the investigation into the fund crisis that affected approximately 550,000 investors. Nusret Altınbaş, the owner of Altınbaş Holding, was referred to the court with a request for his arrest after his statement.
HE SURRENDERED TO THE POLICE THE PREVIOUS DAY, HIS ARREST WAS REQUESTED
Within the scope of the investigation conducted by the Istanbul Chief Public Prosecutor's Office's Bureau of Investigation into Terrorism Financing and Money Laundering Crimes, Nusret Altınbaş, for whom an arrest warrant had been issued, surrendered to the police the previous day. Altınbaş, who was brought to the Istanbul Courthouse in Çağlayan after statement procedures at the Financial Crimes Combat Branch Directorate, was referred to the on-duty criminal judgeship of peace with a request for his arrest after his statement at the prosecutor's office.
It was stated that the investigation covers capital market transactions related to IEYHO, VSNMD, ODINE and TRHOL shares based on Capital Markets Board (SPK) reports. Altınbaş's brother İnan Altınbaş was also detained as part of the investigation, and the assets of other members of the Altınbaş family were seized.
HE WAS ON SPK'S CRIMINAL COMPLAINT LIST
The Capital Markets Board (SPK) decided on October 17 to file criminal complaints against 37 people due to transactions in the equity market. Nusret Altınbaş and Serdar Altınbaş were among the 15 people against whom criminal complaints were filed due to transactions related to IEYHO shares. SPK also imposed a two-year ban on trading on the stock exchange on those responsible.
HOW DID THE FUND CRISIS BEGIN?
The fund crisis began when Pusula Portföy announced on the Public Disclosure Platform on September 15 that a default had occurred in redemption payments in some of its funds. The next day, defaults occurred in two funds of Tera Portföy as well.
On September 17, SPK halted trading in the funds of the portfolio companies Tera, Pusula, Hedef, Atlas, A1 Capital, Pardus and Bulls on TEFAS and decided to liquidate them. It was announced that approximately 550,000 investors were present in about 130 funds within the scope of the liquidation. The liquidation period was later extended from 3 months to 6 months. According to Reuters, the total size of the funds covered by the liquidation decision was approximately 891 billion lira.
“MARKET FRAUD” DETERMINATION
In the investigation, it is alleged that the prices of the funds and related shares were inflated in a manner inconsistent with the companies' fundamental financial magnitudes. Minister of Justice Akın Gürlek announced on September 21 that an operation had been carried out following SPK's market fraud findings regarding transactions in shares of Katılımevim, Destek Holding and Hedef Holding. Emre Tezmen, founder of the Tera group, argued that the group was the target of a “planned, deliberate and organized speculative attack.”
NUMBER OF THOSE ARRESTED RISES TO 114
On September 17, the first day of the investigation, Pusula Portföy Board Chairman Muhammed Yarız was arrested, and a ban on leaving the country was imposed on 48 people. In the following weeks, the investigation expanded, and figures such as Emre Tezmen and Serdar Turhan were referred to the courthouse.
Most recently, on October 24, 15 suspects, including former Türkiye Sigorta General Manager Taha Çakmak, were arrested, bringing the number of those arrested in the investigation to 114. To date, proceedings have been carried out against more than 300 people. Former AK Party MP Ertan Aydın and Türkiye Sigorta Deputy General Manager Gürol Sami Özer were also arrested on October 25.