The Istanbul Chief Public Prosecutor's Office has applied to the Ministry of Treasury and Finance to conduct an investigation into former Capital Markets Board (CMB) Chairman İbrahim Ömer Gönül as part of the ongoing fund investigation.
In a letter dated September 30, 2026, the Chief Public Prosecutor's Office stated that there were "clear and sufficient indications" that Gönül had failed to fulfill his inspection and oversight responsibilities regarding investment funds during his tenure as CMB Chairman. The application was made with a request for authorization to investigate under the charge of "misconduct in office."
The letter from the Istanbul Chief Public Prosecutor's Office's Bureau of Investigation into Laundering Crimes stated that action was taken following reports and findings that manipulative transactions in certain stocks traded on the Borsa İstanbul Equity Market were carried out using portfolio management companies and investment funds. It was noted that four separate investigations are currently underway in this context.
FUNDS AND STOCKS EXAMINED TOGETHER
It was reported that the investigations involve an examination of the connected and simultaneous movements between stocks traded on Borsa İstanbul and funds both open and closed to TEFAS. The actions in the files are being evaluated under the charges of qualified fraud, establishing an organization for the purpose of committing crimes, laundering assets derived from crime, and market manipulation.
The Chief Public Prosecutor's Office's letter emphasized that the CMB's oversight duty regarding investment funds includes protecting investor rights, monitoring the compliance of funds with legislation, and observing market movements. It was stated that the Board is obligated to track whether funds lead to artificial price movements in shares traded on Borsa İstanbul that are inconsistent with economic and financial realities.
The Prosecutor's Office stated that some reports prepared by the CMB between 2024 and September 2026 contained findings that manipulative transactions in certain stocks on the Borsa İstanbul Equity Market were carried out through funds, and that criminal complaints were filed with the prosecutor's office accordingly.
It was reported that the funds subject to the examination include Tera Portföy Birinci Serbest Fon, Pusula Portföy Hisse Senedi Fonu, Pusula Portföy Birinci Değişken Fon, Tera Portföy Algoritmik Stratejiler Serbest Fon, Atlas Portföy Serbest Fon, and Hedef Portföy İkinci Serbest Fon.
The Chief Public Prosecutor's Office's letter also stated that it was determined that some funds generated extraordinary levels of profit compared to similar funds in terms of their operations and investment strategies. It was noted that while investors invested with the assurance that the funds were under CMB supervision, some investors did not receive returns on their investments and were even victimized by being unable to recover their principal amounts.
It was also stated that the files identified individuals and companies that achieved "gains that could be described as impossible" as a result of the guidance of portfolio management companies, the controlling shareholders and managers of these companies, and certain real and legal persons.
In its assessment regarding the period during which Gönül served, the Chief Public Prosecutor's Office reported that there were indications that he failed to fulfill his authority and responsibility for inspection, oversight, and evaluation stemming from the legislation.
In accordance with Article 133 of the Capital Markets Law No. 6362, permission from the relevant minister is required to conduct an investigation into the CMB Chairman and members for crimes allegedly committed in connection with their duties. For this reason, it was noted that the application of the Chief Public Prosecutor's Office was sent to the Ministry of Treasury and Finance.
News Source: 12punto
