Call from AKP's Şamil Tayyar following the fund operation: 'There is also the other side of the coin...'

As the investigation into irregular transactions that allegedly victimized savers in capital markets expands, the responsibility of oversight mechanisms has come to the fore alongside detentions and asset seizure measures. Former AKP MP Şamil Tayyar argued that, in addition to steps taken against company executives within the scope of the operation, those serving in supervisory and regulatory public institutions should also be investigated.

In the fund operation, executives of the relevant companies were detained, and some were arrested.

Financial movements, including those of first-degree relatives, were referred to MASAK.

Assets were frozen.

These are correct and appropriate actions.

Not even a needle's point of a loophole should be left in the system.

And also...

— Şamil Tayyar (@samiltayyar27) September 21, 2026

TAYYAR: THOSE RESPONSIBLE FOR OVERSIGHT MUST ALSO BE QUESTIONED

In a post on his social media account, Şamil Tayyar stated that the investigation should not be limited only to company executives, drawing attention to the responsibility of public officials tasked with oversight and regulation.

Tayyar used the following expressions in his post:

"In the fund operation, executives of the relevant companies were detained, and some were arrested. Financial movements, including those of first-degree relatives, were referred to MASAK. Assets were frozen. These are correct and appropriate actions. Not even a needle's point of a loophole should be left in the system. There is also the other side of the coin. Will the public officials responsible for auditing and regulating these events be ignored? Will they continue their duties as if nothing happened? Will there be no price to pay for incompetence, irresponsibility, or negligence? If trust is to be rebuilt in the markets, supervisory and regulatory public institutions must also be overhauled from scratch. No one's actions should go unpunished."

HOW DID THE INVESTIGATION BEGIN?

At the beginning of the investigation, it was determined that market fraud was committed in the shares of Katılımevim Tasarruf Finansman AŞ (KTLEV) in line with the Capital Markets Board's audit report dated September 17.

Minister of Justice Akın Gürlek announced that judicial proceedings had been initiated against 25 suspects within the scope of the investigation, 15 of whom were detained, while 10 suspects remain at large.

Gürlek reported that in the financial dimension of the investigation, the money and asset movements of executives and officials connected to Pusula Finans Holding, Pusula Yatırım Menkul Değerler, Tera Yatırım Menkul Değerler, Tera Portföy Yönetimi, Hedef Holding, Hedef Portföy Yönetimi, Bulls Yatırım Menkul Değerler, Bulls Portföy Yönetimi, and Ufuk Yatırım Yönetim ve Gayrimenkul have been frozen.

Minister Gürlek used the following expressions in his statement:

"The investigation into transactions carried out in capital markets is being conducted in a multi-faceted manner to protect the rights of our citizens, uncover proceeds of crime, and ensure that those responsible are held accountable before the law. Within the scope of the investigation conducted by our Istanbul Chief Public Prosecutor's Office regarding Katılımevim Tasarruf Finansman AŞ (KTLEV) shares, judicial proceedings were initiated against 25 suspects this morning; 15 suspects have been detained, and efforts to apprehend the 10 fugitive suspects are ongoing.

In the financial dimension of the investigation; the money and asset movements of executives and officials connected to Pusula Finans Holding, Pusula Yatırım Menkul Değerler, Tera Yatırım Menkul Değerler, Tera Portföy Yönetimi, Hedef Holding, Hedef Portföy Yönetimi, Bulls Yatırım Menkul Değerler, Bulls Portföy Yönetimi, and Ufuk Yatırım Yönetim ve Gayrimenkul have been frozen. In this context; in order to prevent the flight, transfer to third parties, or reduction of the assets subject to the investigation; writs have been issued to the Banks Association of Turkey, the Participation Banks Association of Turkey, the Notaries Union of Turkey, the General Directorate of Land Registry and Cadastre, the General Directorate of Maritime Affairs, the General Directorate of Civil Aviation, and MASAK.

It has been notified to all relevant institutions that transactions by the chairmen and members of the boards of directors, authorized signatories, and their spouses and first-degree blood relatives of the aforementioned fund companies that would reduce their assets shall not be carried out without the knowledge and opinion of the Chief Public Prosecutor's Office. The investigations are continuing meticulously in all aspects. Whoever is found to be legally responsible will be held accountable before the judiciary; all judicial and financial means will be used to protect the rights of our victimized citizens and to trace the proceeds of crime to the end."

NAMES OF THOSE DETAINED ANNOUNCED

The names and professions of the 15 people detained within the scope of the file, which is being conducted by the Istanbul Chief Public Prosecutor's Office Bureau of Investigation for Terrorism Financing and Money Laundering Crimes and is subject to a confidentiality order, are as follows:

Berkan Gülen (Sales Manager)

Celal Yarız (Retired)

Furkan Baki (Computer technician)

Halil İbrahim Ege (Accounting specialist)

İlhan Aygün (İlhan İlaç AŞ official)

İsmail Ege (Kuassay AŞ official)

Lütfi Çetinel

Mehmet Erbey (Retired)

Mehmet Yıldırım

Murat Keçeci (Vitrin jeweler)

Salih Can Bülbül (BSO company official)

Samet Çetinel (Sales clerk/consultant)

Uğur Akkafa

Ramazan Erbey

Selçuk Kahya (Software support specialist)

In the continuation of the operation, Serdar Turhan, one of the Pusula Portfolio managers, as well as Tera Yatırım Holding Chairman of the Board Emre Tezmen and executives Alper Öztürk, Emre Alkin, and Kerem Alkin were also detained.

Businessman Nihat Kırmızı, Chairman of the Board of Trustees of İstanbul Topkapı University and Chairman of the Board of Doğa Sigorta, was also among those detained within the scope of the investigation.

It was reported that 4 suspects had previously been arrested in the investigation, and a travel ban and asset seizure measure had been applied to 51 people.

MASAK INVESTIGATES BANK AND CRYPTO MOVEMENTS

In the financial leg of the investigation, money transfers abroad and crypto asset movements were also taken under review.

According to the findings of the Istanbul Chief Public Prosecutor's Office, 15 million dollars were transferred from the account of Pusula Holding Chairman of the Board Serdar Turhan to an account in Switzerland, and 25 million euros were transferred from the account of Pusula Portföy Yönetimi A.Ş. Chairman of the Board Muhammed Yarız to another account in Switzerland.

On September 17, 2026, the Chief Public Prosecutor's Office sent an official writ to MASAK requesting an examination of the financial records of Pusula Finans Holding A.Ş., Tera Yatırım Menkul Değerler A.Ş., Hedef Holding A.Ş., and Bulls Yatırım Menkul Değerler A.Ş., as well as their subsidiaries' executives.

The examination requested an investigation into the account movements of company executives and their first-degree relatives, bank money inflows and outflows from 2024 to the present, foreign currency transfers abroad, and crypto asset movements abroad.

While the Chief Public Prosecutor's Office requested that the raw data to be prepared be forwarded to the investigation file, it stated that the records to be obtained would be used as evidence in evaluating whether the crime had been established.

On the other hand, prior to the investigation, the Tera Group had announced on the Public Disclosure Platform (KAP) its negotiations regarding the acquisition of shares in Pusula Finans Holding and its affiliated companies Pusula Portföy, Pusula Yatırım, and Katılımevim. In a subsequent statement, it was stated that an agreement had been reached on the basic commercial and financial terms, but that the share transfer had not yet been legally and physically completed.

FUNDS OF 7 PORTFOLIO MANAGEMENT COMPANIES IN LIQUIDATION

On September 17, the CMB closed the investment funds traded on TEFAS belonging to 7 portfolio management companies, including Tera Portföy, Pusula Portföy, Hedef Portföy, and Bulls Portföy, and initiated the liquidation process.

The Board also decided to file a criminal complaint against 38 people and impose a trading ban on the grounds that manipulative transactions were carried out in Katılımevim, Gündoğdu Gıda, and Destek Finans Faktoring shares.

The period regarding the liquidation process was also changed. According to the CMB's announcement dated September 21, the 3-month period included in the procedures and principles determined by the decision on September 17 was extended to 6 months. The Board stated that the decision to make the change was taken by considering the portfolio structures of the funds and market conditions. It was stated that the 6-month period does not mean that the liquidation will necessarily be completed within this time, and that the process could conclude earlier depending on conditions.

The CMB decision included the following expressions:

"With the decision of the Board's Decision-Making Body dated 20.09.2026 and numbered 59/1710, it has been decided to change the 3-month period in article (A/8) of the fund liquidation procedures and principles announced in the Board Bulletin numbered 2026/61 in accordance with the Board decision dated 17.09.2026 and numbered 57/1708, to 6 months, taking into account the portfolio structures of the funds subject to liquidation and market developments."

OVERSIGHT MECHANISM ALSO UNDER DEBATE

As the judicial and financial dimensions of the investigation expand, the oversight responsibility brought to the agenda by Şamil Tayyar has also become one of the topics of debate.

While judicial and police units continue their efforts to apprehend the 10 fugitive suspects and monitor the money movements identified within the scope of the investigation, the question of whether any action will be taken regarding the responsibility of officials serving in supervisory and regulatory institutions in the later stages of the investigation has also come to the agenda.

News Source: 12punto