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Fourteen executives of Istanbul-based Investco Holding were detained on Monday in a stock market manipulation probe launched by the Istanbul Chief Public Prosecutor’s Office.
According to the prosecutor’s office, the detained suspects are accused of laundering illicit gains through the stock market and other financial instruments. Among those detained was Isik Okte, a well-known market analyst.
The investigation centers on suspicious transactions carried out on Borsa Istanbul (BIST), the country’s main stock exchange. Prosecutors reported that abnormal price movements and artificial surges in trading volumes were detected in certain shares. These fluctuations allegedly created misleading impressions of demand, resulting in losses for small-scale investors.
Authorities allege that Investco executives violated the Capital Markets Law by using market transactions to disguise the origins of illicit funds.
The probe is supported by findings from Türkiye’s Financial Crimes Investigation Board (MASAK) and the Capital Markets Board (SPK), with both institutions submitting reports naming individuals and companies linked to the suspicious activity.
Prosecutors said the irregularities identified in these reports form the basis of the case.
Following the prosecutor’s order, Istanbul police carried out simultaneous operations to detain the suspects. They were later transferred to the financial crimes division of the city’s police headquarters, while some were taken to a state hospital for medical checks before questioning.
In its statement, the prosecutor’s office confirmed that judicial proceedings had been initiated and stressed that the investigation was continuing "with full diligence."
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 healthcare. Its subsidiaries include Verusa Holding and Pan Teknoloji, while it also maintains an overseas arm, Investat Holding Limited, in London.
Listed on Borsa Istanbul under the ticker "INVES," the company reported rapid growth in recent years, with revenues rising to nearly ₺3.2 billion ($77.48 million) and net income reaching about ₺1.5 billion in 2024.
After the news, the company’s shares on Borsa Istanbul fell by 10%, the maximum daily loss allowed under the exchange’s trading rules.
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