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Former Capital Markets Board of Türkiye (CMB) Chairman Ibrahim Omer Gonul was summoned to give a statement as a suspect, as prosecutors continue their investigation into market irregularities after several investment funds ran into trouble earlier this month.
Gonul served as CMB's chairman from April 2022 to April 2026. He joined the CMB in 2004 and became a vice chairman in 2014. After leaving the CMB, he was appointed chairman of the Public Oversight, Accounting and Auditing Standards Authority (KGK) in May 2026.
The authorities have yet to provide further details on the matter as of the time of reporting.
Gonul was summoned as part of a wider probe into suspected manipulation and irregular transactions in the capital markets, following market turmoil triggered after several funds failed to meet investor redemption requests and ran into a liquidity crunch amid heavy withdrawals.
CMB has ordered 131 investment funds, estimated to hold more than $19 billion in assets based on market valuation on that day, to be liquidated over six months. Ziraat Bank and Is Bank are overseeing the process, which affects 455,758 individual investors.
The regulator has also filed criminal complaints over transactions involving shares of Katilimevim, Gundogdu Gida, Destek Finans and Ozata Denizcilik, citing suspected market manipulation after abnormal gains in the stocks.
Speaking at a capital markets congress in November 2025, when he was still in charge of the CMB, Gonul raised concerns over the misuse of investment funds and warned that the regulator would not hesitate to penalize those involved, including by revoking the licenses of portfolio managers and management companies.
The investigation has already led to the arrests of 56 people, including prominent market figures such as Tera Yatirim Holding Chairman Emre Tezmen and Pusula Holding Chairman Serdar Turhan.
Authorities have also sought detailed financial records on company executives, including data on their money and cryptocurrency transfers abroad from 2024 to the present, as well as all incoming and outgoing transactions.
Asset freezes on 42 individuals remain in place after authorities lifted restrictions on 45 companies and 19 investment funds to allow them to continue operating.
After a meeting with his economic team and senior officials on Tuesday to discuss measures over the turmoil, President Recep Tayyip Erdogan said he had authorized the State Supervisory Council to launch an investigation and audit of recent investment fund transactions in the capital markets.
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