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Turkish authorities found about ₺4.1 billion ($84 million) in transfers from the accounts of two major fund executives to a Swiss bank before investment funds defaulted on redemption payments, local media reported.
The findings showed that about ₺2.9 billion was moved 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 moved from the account of Serdar Turhan, chairman of Pusula Holding, through the same bank on Aug. 24, 2026, according to a report by the Financial Crimes Investigation Board (MASAK) carried out by Turkish state broadcaster TRT.
The two transfers total about ₺4.1 billion and took place before funds defaulted on redemption payments on Sept. 15-16, according to the report.
The examination comes as prosecutors widen a capital-markets investigation following redemption-payment defaults at several investment funds last week, after the market regulator referred 38 people to prosecutors over alleged manipulation of shares in three listed companies.
As part of the investigation, Muhammed Yariz was arrested, while Pusula Holding Chairman Serdar Turhan was later detained along with four executives of Tera Yatirim Holding, another major portfolio manager, including Chairman Emre Tezmen.
The Istanbul Chief Public Prosecutor’s Office is examining the financial movements of executives linked to Pusula Finans Holding, Tera Yatirim Holding, Hedef Holding and Bulls Yatirim, along with their subsidiaries, the report said.
Prosecutors sought the executives’ financial records and raw data on overseas money and crypto-asset transfers dating from 2024 from MASAK. They also requested records of all money entering and leaving the executives’ accounts.
The review also covers four fund managers’ first-degree relatives, with authorities looking into whether money or crypto assets were transferred abroad through their accounts.
Separately, Türkiye’s Capital Markets Board (CMB) has extended the maximum liquidation period for investment funds being wound up from three months to six months. The regulator changed the liquidation procedures announced Sept. 17, citing the funds’ portfolio structures and market developments.
Under the revised rules, funds slated for liquidation can now take up to six months to wind down. The CMB had previously set the maximum at three months and authorized Is Bank and Ziraat Bank to oversee the liquidation of 131 investment funds managed by seven portfolio management companies.
These companies include Tera Portfoy, Pusula Portfoy, Hedef Portfoy, Atlas Portfoy, A1 Capital Portfoy, Pardus Portfoy and Bulls Portfoy.
The change comes after Pusula and Tera defaulted on redemption payments, leaving some funds unable to meet investors’ withdrawal requests as investors rushed to pull out their money. The defaults triggered widespread selling on Borsa Istanbul, sending the benchmark BIST 100 down more than 8% over the week.
Following the market rout, authorities moved to contain the fallout, focusing largely on preventing a broader liquidity crunch and further forced selling across financial markets.
Market estimates put the combined value of the 131 funds at more than ₺800 billion on Sept. 17, while more than 300,000 investors were awaiting their cash.
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