Bulls Yatırım Chairman of the Board Kemal Akkaya and Takasbank General Manager Yunus Arıncı, who were previously released in the fund investigation, have been taken back into custody. The two individuals are expected to be referred to the courthouse following their procedures at the prosecutor's office.
Ruzy Madencilik Chairman of the Board Mehmed Nureddin Çevik has also been taken into custody.
The fund investigation regarding transactions carried out in capital markets is ongoing.
Within the scope of the investigation, Bulls Yatırım Chairman of the Board Kemal Akkaya and Takasbank General Manager Yunus Arıncı were re-detained. The two individuals will testify to the prosecutor's office after the detention procedures.
Kemal Akkaya had been released on September 23, 2026, following his testimony at the prosecutor's office.
Yunus Arıncı, on the other hand, had been released on the condition of a travel ban and an obligation to sign in.
WHAT HAS HAPPENED IN THE FUND INVESTIGATION SO FAR?
The Capital Markets Board's (SPK) imposition of position limits on stocks outside the BIST 30 on August 28, 2026, to prevent excessive concentration in free funds, ignited a widespread fund crisis in Turkish markets. The restrictions, initiated after it was determined that funds linked to certain companies had shown an increase of more than 3 thousand percent in eight months through cross-transactions in low-volume stocks, quickly led to a liquidity crunch in the market.
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Acting upon the crisis that deepened after Pusula Portföy announced on September 15 that it had defaulted on participation share payments, the SPK decided on September 17 to liquidate 131 funds belonging to Pusula, Tera, and affiliated companies. Following the decision, which concerns more than 455 thousand investors, the liquidation schedule was extended from 3 months to 6 months in order to minimize investor grievances.
In the judicial process that expanded from mid-September, while many fund managers, including Pusula Holding executive Serdar Turhan and Tera Yatırım Holding executive Emre Tezmen, were arrested, two private jets and a yacht worth approximately 1.8 billion TL belonging to the suspects were seized by court order. The SPK, in a bulletin it published, put into effect an effective remorse mechanism on the condition of paying an amount not less than 500 thousand liras, or twice the amount of the benefit obtained or caused, for market fraud crimes.
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Hot developments also took place in the political and civil bureaucracy leg of the investigation. An investigation was launched into former Minister of Family and Social Policies Fatma Betül Sayan Kaya, who requested to be excused from her post as AK Party Deputy Chairman, and her husband İlyas Kaya, on the allegation that they made a 163 million TL stock investment before the crisis and sold it just before the collapse, gaining 2.17 billion TL in unfair profit. The Kaya couple, whose assets were placed under precautionary measures, denied the accusations but utilized the SPK's effective remorse mechanism and returned the profit amount of 1.86 billion TL to TMSF accounts.
While the Fund Coordination Board was established under the chairmanship of Vice President Cevdet Yılmaz to manage the crisis, the State Audit Board (DDK) is also involved to examine bureaucratic negligence upon the instruction of President Recep Tayyip Erdoğan. While the Chief Public Prosecutor's Office requested authorization for an investigation into former SPK Chairman İbrahim Ömer Gönül, Minister of Justice Akın Gürlek announced that the unfair profit of 214 real and legal persons who made suspicious exits before the crisis was 187.6 billion TL and that notifications have been initiated by the TMSF for the collection of these amounts. Additionally, SPK Chairman Mahmut Sütçü was dismissed.
In the judicial wave that deepened in October and November, journalists, business people, former members of parliament, holding executives, and high-level financial bureaucrats were brought before the judge. In operations regarding manipulations in Işıklar Holding, Vişne Madencilik, Odine Teknoloji, and Tera Finansal Yatırımlar shares, former prime ministerial advisor Ertan Aydın, former Türkiye Sigorta General Manager Taha Çakmak, Altınbaş Holding executives Nusret Altınbaş and İnan Altınbaş, former SPK Department Head Erman Çete, and former Borsa İstanbul General Manager Korkmaz Enes Ergun were arrested.
Finally, while former Minister Fatma Betül Sayan Kaya was sent to prison on charges of "being a member of a criminal organization" and "violating the Capital Markets Law," the judicial process continues to expand with the arrest of SPK and BDDK executives, including former SPK Deputy Chairman Enver Usca. With the legislative proposal submitted to the TBMM and accepted by the Planning and Budget Committee, payments for net investments under 1 million TL are being carried out under the coordination of Ziraat Bank and the TMSF.
News Source: 12punto
