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Five executives of Türkiye-based Q Yatirim Bank were formally arrested on Monday in the second phase of an ongoing investigation into alleged usury and money laundering, according to a statement by the Istanbul Chief Public Prosecutor’s Office.
The detentions follow earlier arrests in November, when the same probe led to the apprehension of three other company officials. The investigation is being conducted by the Bureau of Investigation of Financing Terrorism and Money Laundering Crimes.
Authorities allege that Q Yatirim Bank personnel acted outside the scope of their legal banking authority by issuing high-interest loans to companies experiencing financial hardship. These loans reportedly exceeded the maximum rates allowed by the Central Bank of the Republic of Türkiye (CBRT), in violation of national financial regulations.
The prosecutor’s office stated that the bank lent money under the pretense of offering credit, thereby generating unlawful profits. The accused reportedly exploited firms in distress, bypassing the official lending framework established under Türkiye’s Banking Law.
The latest round of arrests brings the total number of suspects in custody to eight. A ninth suspect was detained but later released. The investigation has widened to include asset searches and seizures aimed at securing financial and digital evidence, as well as tracing illicit gains.
Based in Izmir, Q Yatirim Bank operates as an investment bank under Q Yatirim Holding. Founded in 2022, the bank has total assets of €299 million ($350.86 million) and operates through four branches, according to data from the Banks Association of Türkiye.
The bank particularly focuses on offering a range of diversified hedge funds listed on TEFAS, Türkiye’s fund platform, in cooperation with the portfolio management firm Allbatross Portfoy.
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