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Turkish authorities halted a ₺2 billion ($40.9 million) foreign-exchange swap involving Hedef Yatirim Bank, which is under investigation over alleged stock market manipulation, and Swiss-based Swissquote after reviewing the transaction.
The Financial Crimes Investigation Board (MASAK) found that the bank had attempted to transfer the amount to Swissquote’s correspondent account at Turkish lender Akbank in exchange for $40.9 million. However, the dollars had not yet reached the account and represented a future commitment, prompting the agency to suspend the transaction, state broadcaster TRT reported.
In a statement responding to the report, parent company Hedef Holding described the transaction as part of its routine treasury operations and rejected claims that the bank was attempting to send ₺2 billion abroad.
Turkish prosecutors widened a financial investigation following redemption-payment defaults at several investment funds on Sept. 15-16, with the broader probe extending to portfolio managers including Pusula Portfoy, Tera Portfoy, Hedef Portfoy and Bulls Portfoy over alleged market manipulation.
According to an earlier report on Monday, Turkish authorities had identified about ₺4.1 billion ($84 million) in transfers from the accounts of two fund executives to a Swiss bank before the funds defaulted on redemption payments.
About ₺2.9 billion was transferred from the account of Muhammed Yariz, chairman of Pusula Portfoy, to an account at Switzerland’s Edmond de Rothschild Bank on Sept. 1. A separate transfer of about ₺1.2 billion was made from the account of Serdar Turhan, chairman of Pusula Holding, through the same bank on Aug. 24, according to a MASAK report cited by TRT.
Prosecutors are also examining overseas money and crypto-asset transfers involving executives linked to the companies under investigation and their subsidiaries.
Meanwhile, Justice Minister Akin Gurlek said Tuesday that 14 of 15 suspects targeted in simultaneous operations in Istanbul and Aydin had been detained, while one suspect was found to be abroad.
The latest operation brought the total number of people subject to legal proceedings in the investigation to 60. Four suspects have been arrested, proceedings against 44 detained suspects are continuing, and authorities are seeking 12 others.
Gurlek added that the financial side of the investigation is also being examined, including efforts to trace suspected proceeds of crime and prevent the concealment or transfer of assets.
The broader investigation follows findings by Türkiye's Capital Markets Board involving transactions in shares of Katilimevim Tasarruf Finansman, Destek Holding and Hedef Holding listed on Borsa Istanbul, he said.
Authorities are also examining unusually large positions held by investment funds managed by companies linked to the groups under investigation, with scrutiny focused on concentrated ownership and trading in relatively illiquid shares.
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