As detention and arrest decisions in the fund investigation expand, the file remains on the agenda with its aspects extending to the Capital Markets Board (CMB), the Banking Regulation and Supervision Agency (BRSA), Takasbank, and market actors.
In the latest operation, former CMB Deputy Chairman Enver Usca, former CMB Head of Market Surveillance and Audit Department Ercan Urkan, BRSA Head of Implementation Department 4 Mustafa Alper Taş, and Tera Holding Administrative Affairs Director Ümit Sincanlı were arrested. While Usca, Urkan, and Taş face charges of "bribery," it was stated that Sincanlı was arrested on charges of "being a member of an organization established to commit crimes" and "laundering assets derived from crime."
Former CMB Head of Partnership Finance Department Kürşat Sait Babuçcu, who was detained in the same file, was released under judicial control. Former CMB Board Member Bülent Murat Haholu was released after his statement at the prosecutor's office.
New detentions also took place within the scope of the investigation during the day. While BRSA Deputy Chairman Muhammet Erişen was detained, it was reported that former Takasbank General Manager Yunus Arıncı, who had been released previously, and Bulls Investment Chairman of the Board Kemal Akkaya were also detained again.
IPO PROCESS AT THE CENTER OF THE FILE
One of the important topics of the investigation is the IPO process of Tera Yatırım. According to journalist Abdulkadir Selvi, the company's request to go public was opposed by the then-CMB Deputy Chairman Mutalip Ünal and board member Ali Akay. It was alleged that the two individuals held the view that Tera's "structure was weak and not suitable for going public" and did not sign the decision.
Following the dismissal of Ünal and Akay by presidential decree on October 30, 2022, Enver Usca was appointed to replace Ünal, and Bülent Murat Haholu was appointed to replace Akay. The CMB approved Tera's IPO application with its bulletin dated December 9, 2022; the company's shares began trading on the stock exchange shortly thereafter.
The areas of responsibility of the former department heads mentioned in the file also highlight the financial audit dimension of the investigation. It is stated that Kürşat Sait Babuçcu served in the Partnership Finance Department, which is responsible for IPOs and companies' public disclosure obligations; and Ercan Urkan served in the Market Surveillance and Audit Department, which is responsible for market-disrupting transactions and manipulation investigations.
For this reason, the investigation is not seen as limited only to certain companies or market players; it is evaluated as a file extending to different links such as IPOs, market surveillance, banking supervision, clearing transactions, and stock exchange management.
STATEMENT FROM ŞİMŞEK REGARDING THE CMB PROCESS
Another dimension of the investigation reflected in the public eye was the statements made by Treasury and Finance Minister Mehmet Şimşek at the TBMM Planning and Budget Committee. Şimşek said that some decisions regarding free funds were taken at the Financial Stability Committee on December 2, 2025.
According to the information provided by Şimşek, the Ministry of Treasury and Finance sent a letter to the CMB on December 9 and subsequently on February 11, 2026, for the implementation of the decisions in question. The Minister stated regarding the process, "Our General Directorate of Financial Markets wrote this letter, saying, 'Implement it immediately.' Later, this was not fulfilled.”
According to Şimşek's statement, it was noted that the CMB responded to these letters by saying "we are forming a working group," and the final fund guide was published on August 28, 2026. Journalist İsmail Saymaz had previously written that former CMB President İbrahim Ömer Gönül showed resistance to this process. The report also noted that Gönül was released after his statement was taken for the second time.
It is reported that among the names mentioned in the file are Borsa İstanbul General Manager Korkmaz Enes Ergun, İskender Balcı, who is the son-in-law of Deputy Minister of Treasury and Finance Osman Çelik and the son of former BRSA Board Member Mustafa Balcı, and Ertan Aydın, former chief advisor to President Recep Tayyip Erdoğan. It is stated that these individuals are in prison.
One of the topics that fueled the political connection debates of the investigation was the Özata Denizcilik shares. The report alleged that former AKP Deputy Chairman Fatma Betül Sayan Kaya purchased approximately 250 thousand lots of Özata shares at the 255 lira level on April 8, 2026, that the share exceeded 5 thousand lira in the following months, and that Kaya and her husband earned 2.2 billion lira from these shares.
As the investigation deepens, how the file will proceed in terms of market supervision and the responsibility of public institutions is being closely watched. Following the new detention and arrest decisions, the functioning of financial audit mechanisms and the role of public authorities in the process have been placed at the center of the debates.
News Source: 12punto
