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Turkish authorities on Wednesday further expanded their investigation into suspected market manipulation, ordering the detention of 31 suspects over share transactions involving four publicly traded companies.
Police detained 26 of the suspects in an operation targeting individuals suspected of irregular trading in shares of Isiklar Enerji ve Yapi Holding AS (IEYHO), Visne Madencilik Uretim Sanayi ve Ticaret AS (VSNMD), Odine Solutions Teknoloji Ticaret ve Sanayi AS (ODINE) and Tera Finansal Yatirimlar Holding AS (TRHOL).
More than 455,000 investors have been ensnared in the sprawling $19 billion fund scandal that erupted in September, with thousands left unable to recoup their life savings.
The crisis escalated when financial watchdogs caught company executives attempting to secretly transfer millions of dollars in capital out of the country before their assets could be frozen.
Prosecutors reviewed allegations concerning the companies' shares alongside reports and written complaints submitted by Türkiye's Capital Markets Board (SPK), the country's financial markets regulator.
The prosecutor's office did not disclose the specific allegations against the 31 suspects or identify them individually. The investigation remains ongoing.
The new detention orders come as authorities expand a broader investigation into suspected market manipulation and irregular transactions across Türkiye's capital markets, which gained momentum after several investment funds failed to meet investor withdrawal requests in September.
The broader probe has expanded to 217 suspects, with 85 remanded in custody and 98 placed under judicial control, according to figures reported earlier this month.
Prosecutors are examining trading in 26 Borsa Istanbul-listed stocks, alongside financial transfers and accounts linked to unusually large gains.
The investigation has also shifted toward recovering money that authorities believe investors and companies obtained through excessive or potentially illicit gains.
Justice Minister Akin Gurlek said last week that Türkiye was seeking to recover ₺187.7 billion ($3.8 billion) in alleged illicit gains from 214 investors, comprising 141 individuals and 73 legal entities. Authorities identified the group as having earned more than ₺100 million each.
The recovery effort is tied to compensation for investors affected by the liquidation of the 131 funds. Authorities are also pursuing assets and money allegedly transferred abroad.
Regarding the liquidation of 131 troubled funds, Treasury and Finance Minister Mehmet Simsek said Tuesday that 66 had been fully liquidated, with transactions worth ₺40.8 billion completed for over 45,000 investors.
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