World · Middle East · 1 hr ago
Four people jailed in Turkey investment fund investigation
Four people were jailed in İstanbul as part of an investigation into a troubled investment fund scheme in Turkey.
The group includes former securities regulator deputy chairman Enver Usca, another former regulator official, a banking supervision official and a company executive.
Usca and two officials face bribery charges, while the executive faces charges of belonging to a criminal organization and money laundering; the allegations have not been proven in court.
The investigation concerns funds that could not meet withdrawal requests after allegations that they bought shares with little trading activity to inflate share and fund values.
On September 17, Turkey’s Capital Markets Board ordered the liquidation of 131 funds managed by seven companies.
Repayments are underway, and the vice president said about 420,000 investors had received cash or assets, with 179,449 paid back their principal.
Officials are preparing another payment for November 13.
Four people, including former securities regulator deputy chairman Enver Usca, were jailed in Turkey in an investment fund investigation.
Usca, Ercan Urkan and Mustafa Alper Taş were jailed on bribery charges, while Ümit Sincanlı was jailed on charges including money laundering.
The investigation concerns allegations that funds bought shares with low trading volumes, artificially raising their prices and the value of the funds.
The fund crisis emerged in September after some funds could not meet investors’ withdrawal requests.
The regulator ordered 131 funds managed by seven companies to be liquidated on September 17.
- Who
- Former Capital Markets Board officials Enver Usca and Ercan Urkan, banking supervision official Mustafa Alper Taş, and Tera Holding executive Ümit Sincanlı.
- What
- They were jailed in an investment fund investigation. Three face bribery charges; Sincanlı faces charges including membership in a criminal organization and money laundering.
- When
- November 7, 2026.
- Where
- İstanbul, Turkey.
- Why
- Prosecutors are investigating allegations that funds bought low-volume shares to artificially inflate share prices and fund values.
This story does not have two clearly opposing sides.
Some investment funds became unable to meet investors’ withdrawal requests.
The Capital Markets Board ordered the liquidation of 131 funds managed by seven companies.
Six suspects, including the four later jailed, were taken into custody, according to Sabah.
Four suspects were jailed, while Bülent Murat Haholu and Kürşat Sait Babuçcu were released under different conditions.
Vice President Cevdet Yılmaz said preparations were underway for a new investor payment.
- People jailed
- Enver Usca, Ercan Urkan, Mustafa Alper Taş and Ümit Sincanlı
- Fund liquidation
- 131 funds managed by seven companies
- Investors in affected funds
- 455,758 individual investors
- Payments reported
- Approximately 420,000 investors had received cash or asset transfers
- Principal payments
- 179,449 investors had received payments covering their principal