World · Middle East · 11 hrs ago
Turkey detains 26 in investment fund scandal investigation
Turkish police detained 26 people in a probe into an investment fund scandal, while authorities seek five more.
The 31 people targeted include a former Finance Ministry official and executives and employees of investment firms.
Prosecutors are investigating alleged market manipulation that may have affected the savings of about 455,000 individual investors.
The crisis emerged after funds could not meet withdrawal requests, and authorities have said 85 people were jailed pending trial by October 4.
Nusret Altınbaş is among those being sought, while his brother is in custody and the family’s assets have been frozen.
The case has raised questions about political connections and oversight of Turkey’s financial markets.
Authorities say recovery efforts will target people who made inflation-adjusted gains of at least 10 million lira, with legal action to follow if they do not return the money voluntarily; it is not yet clear when the newly detained suspects will appear in court.
Police detained 26 people in Turkey on Wednesday in an investigation into an alleged investment fund and stock-market manipulation scandal.
Prosecutors had ordered the detention of 31 people, and police were searching for the remaining five.
The investigation concerns allegations of widespread market manipulation affecting the savings of about 455,000 individual investors.
The scandal emerged just over a month ago after funds could not meet withdrawal requests.
The detained people include investment fund executives, a former Finance Ministry official and Inan Altınbaş, brother of Altınbaş Holding owner Nusret Altınbaş.
- Who
- Police detained 26 people, including fund executives and a former Finance Ministry official. Prosecutors are also seeking five others.
- What
- An investigation into alleged market manipulation connected to an investment fund scandal.
- When
- Wednesday, October 21, 2026.
- Where
- Turkey.
- Why
- Prosecutors are investigating allegations of widespread market manipulation affecting investors’ savings.
This story does not have two clearly opposing sides.
Former family minister Fatma Betül Sayan Kaya resigned from the ruling party’s leadership after allegations that she and her husband profited from stock transactions; both deny the allegations.
The Justice Ministry said 85 people had been jailed pending trial in connection with the scandal.
Capital Markets Board Chairman Mahmut Sütcü submitted his resignation, citing health problems, and Deputy Treasury and Finance Minister Osman Çelik requested retirement.
President Recep Tayyip Erdoğan formally removed Sütcü through a decree published early in the day.
Finance Minister Mehmet Şimşek said efforts to recover profits from market-disrupting activities would begin with people who made inflation-adjusted gains of at least 10 million lira.
Police detained 26 of the 31 people prosecutors had ordered detained and continued searching for the other five.
- Detained
- 26 people
- Detention orders
- 31 people
- Investors affected
- About 455,000 individual investors
- People still sought
- 5
- Gain threshold cited by minister
- 10 million lira ($202,000)
3 sources
What people are saying
Those who made real gains of 10 million lira ($202,000) or more will be approached. If there is no voluntary return, the justice ministry will initiate the relevant legal procedures.