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Thirteen of 19 suspects linked to Istanbul-based Investco Holding were arrested on Friday on charges of manipulating stock market transactions.
Well-known market analyst Isik Okte, who was also among those detained, was released but remains subject to a travel ban.
The arrests followed an investigation launched earlier this week into irregular trading on Borsa Istanbul, Türkiye’s main stock exchange. As part of the probe, 14 suspects were initially detained on Tuesday, with five more taken into custody later in the week, raising the total to 19.
The allegations were centered on abnormal transactions in certain listed shares, with Investco Holding executives accused of manipulating prices to generate illicit gains and laundering the proceeds through the company.
Officials said the probe is continuing, citing reports from Türkiye’s Financial Crimes Investigation Board (MASAK) and the Capital Markets Board (SPK) that identified individuals allegedly conducting the scheme through the company.
Investco Holding, founded in 2011 and based in Istanbul, operates as an investment company with a diversified portfolio across sectors, including renewable energy, mining, chemicals, iron and steel, technology, venture capital, food, and health care. Its subsidiaries include Verusa Holding and Pan Teknoloji, while it also maintains an overseas arm, Investat Holding Limited, in London.
Following the investigation, the company’s shares and those of its subsidiary Verusa fell by 30% on Borsa Istanbul over the week.
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