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Türkiye has started legal proceedings to recover money and assets allegedly transferred abroad, particularly to Swiss banks, by suspects in a widening investigation into investment funds, Justice Minister Akin Gurlek said Tuesday.
"We have information about individuals, legal entities, companies and others who have made exorbitant gains in a short period. We have already taken steps," Gurlek said during an interview with state-run Anadolu Agency.
"We will seek our rights to the fullest extent under the law from those who reach into our nation's pockets and make unjust gains."
The remarks came as Turkish media reported that new documents in the case showed that Muhammed Yariz, chairman of Pusula Portfoy, which is one of the portfolio managers at the center of the probe, had transferred ₺228.9 million ($4.7 million) worth of Turkish Airlines shares to a portfolio at Luxembourg-based Edmond De Rothschild (Europe) S.A. on Aug. 11, 2026.
Serdar Turhan, chairman of parent company Pusula Holding, had transferred ₺2.7 billion ($54.9 million) worth of Turkish Airlines shares to a portfolio at the same financial institution on Aug. 14, 2026. The two transfers total ₺2.9 billion
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The new findings followed earlier reports that authorities had identified about ₺4.1 billion ($84 million) in transfers from the accounts of two fund executives to a Swiss bank before investment funds defaulted on redemption payments.
About ₺2.9 billion had been transferred from Yariz's account to Edmond de Rothschild Bank in Switzerland on Sept. 1, while about ₺1.2 billion had been transferred from Turhan's account through the same bank on Aug. 24, 2026.
Authorities also halted a ₺2 billion foreign-exchange swap involving Hedef Yatirim Bank, which was later placed under state control, and Switzerland-based Swissquote. Hedef Holding described the transaction as part of routine treasury operations and rejected claims that the bank was attempting to send ₺2 billion abroad.
The wider investigation began after several investment funds struggled to meet investor redemption requests amid heavy selling pressure in mid-September.
The Capital Markets Board (CMB) subsequently ordered the liquidation of 131 investment funds managed by seven portfolio companies. The move affected 455,758 individual investors and involved more than $19 billion in assets.
Prosecutors were examining trading in 26 Borsa Istanbul-listed stocks for suspected market manipulation, as well as money transfers and links to individuals and accounts that generated unusually large gains.
The investigation had involved 217 suspects, with 85 arrested and 98 placed under judicial control.
Those arrested included Tera Yatirim Holding Chairman Emre Tezmen, Tera board members Emre Alkin and Kerem Alkin, Tera Portfoy General Manager Alper Ozturk and Pusula Holding Chairman Serdar Turhan.
Authorities were also reviewing financial transactions involving executives and their relatives, including account activity, money transfers and cryptocurrency movements abroad since 2024.
They had frozen assets belonging to dozens of suspects and seized luxury vehicles, private jets and yachts allegedly linked to them.
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