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Turkish authorities issued an arrest warrant for Cengiz Avci, a major shareholder in Istanbul-based Odine Teknoloji, as part of an ongoing market probe after he allegedly made around ₺15 billion ($300 million) by trading the stock and converted about ₺12 billion ($244 million) of those gains into cash before leaving Türkiye.
Istanbul Chief Public Prosecutor’s Office also seized his bank accounts, movable and immovable assets, and other identified holdings, as Avci had not returned and was not located.
Reports based on records from Türkiye’s Public Disclosure Platform indicated that Avci carried out numerous purchases and sales involving Odine shares, and prosecutors focus on the movement of money linked to those transactions.
Odine Solutions, an Istanbul-based technology company backed by Pusula Yatirim, a portfolio manager that has come under scrutiny as part of the broader investigation following the fund turmoil, saw its shares climb 987% this year, reaching a peak valuation of ₺366 billion on Aug. 12.
Since then, the stock has dropped more than 94% as of Wednesday’s session, wiping out ₺341.5 billion and sending its market capitalization down to ₺24.5 billion. Market data showed Odine trading at ₺246.20 on Wednesday, with the stock down 10% on the day.
Although Avci holds no executive or board position at Odine, records show that he held 9.438 million Odine shares, representing an 8.5% stake, while a Pusula-managed fund held 10.976 million shares, or 10%, according to the latest disclosed ownership data.
The wider probe expanded after several investment funds failed to meet investor redemption requests and ran into a liquidity crunch amid heavy withdrawals. The Capital Markets Board ordered 131 funds managed by seven companies to halt operations and begin liquidation, with Ziraat Bank and Is Bank appointed to oversee the six-month process.
The funds are estimated to have held more than $19 billion in assets based on market valuations at the time, affecting 455,758 individual investors.
The regulator also filed criminal complaints over transactions involving shares of Katilimevim, Gundogdu Gida, Destek Finans and Ozata Denizcilik, citing suspected market manipulation following abnormal gains in the stocks.
The investigation led to the arrest of 56 people, including Tera founder and Chairman Emre Tezmen; Tera board members Emre Alkin and Kerem Alkin; Tera Portfoy General Manager Alper Ozturk; and Pusula Holding Chairman Serdar Turhan and Pusula Portfoy Chairman Muhammed Yariz.
Authorities sought detailed financial records from company executives, including money and cryptocurrency transfers abroad from 2024 to the present, as well as incoming and outgoing transactions.
Asset freezes on 42 individuals remained in place after authorities lifted restrictions on 45 companies and 19 investment funds to allow them to continue operating.
President Recep Tayyip Erdogan also authorized the State Supervisory Council to investigate and audit recent investment fund transactions in the capital markets after meeting with his economic team and senior officials on Tuesday.
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