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Türkiye is seeking to recover ₺187.7 billion ($3.8 billion) in alleged illicit gains from 214 investors identified in a widening investigation into suspected market manipulation and irregular investment fund transactions, Justice Minister Akin Gurlek said.
The group includes 141 individuals and 73 legal entities, each of whom earned more than ₺100 million, Gurlek added.
The Savings Deposit Insurance Fund (TMSF), a public body responsible for deposit insurance and managing distressed assets and companies, has begun sending official notices to those identified as authorities seek to recover the alleged illicit gains, according to the minister.
The recovered funds will be deposited into accounts established to compensate investors in 131 funds managed by seven portfolio companies that the Capital Markets Board (CMB) ordered to be liquidated in September after liquidity problems at some funds triggered a market rout.
Authorities particularly examined fund sales between Sept. 13 and 16, when some investors allegedly exited their positions after receiving advance information before the turmoil, Gurlek told Turkish media.
Among the troubled funds, Tera accounted for approximately ₺90 billion in gains, with 102 individuals earning around ₺28 billion and 38 legal entities generating ₺62.1 billion.
Pusula funds accounted for approximately ₺79.7 billion, including ₺69.7 billion earned by 19 individuals and around ₺10 billion by 20 legal entities. Hedef funds generated nearly ₺17.9 billion, with 20 individuals earning approximately ₺3 billion and 15 legal entities collecting ₺14.9 billion.
The Capital Markets Board (CMB) has already published bank account details for the voluntary return of excessive gains from funds under liquidation and stock trading.
The ongoing liquidation affects 455,758 individual investors, with the process expected to take up to six months. The first payments began on Thursday after state-run Ziraat Bank, one of the banks overseeing the process, transferred funds for 43,643 investors in 17 funds to banks and brokerages for distribution.
Prosecutors are examining trading in 26 Borsa Istanbul-listed stocks over suspected market manipulation, while tracing money transfers and links to individuals and accounts that recorded unusually large gains.
The probe has expanded to 217 suspects, of whom 85 have been arrested and 98 placed under judicial control.
Those arrested include Tera Yatirim Holding Chairperson Emre Tezmen, Tera board members Emre Alkin and Kerem Alkin, Tera Portfoy General Manager Alper Ozturk, and Pusula Holding Chairperson Serdar Turhan.
Authorities are also investigating financial transactions involving executives and their relatives, including bank activity, transfers and cryptocurrency movements abroad dating back to 2024.
Dozens of suspects have had their assets frozen, while authorities have seized luxury vehicles, private jets and yachts allegedly linked to people under investigation.
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