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Monday, 5 October 2026dailybeirut.com
World
Cumhurbaşkanı Erdoğan has directed authorities to recover funds from approximately 50 individuals identified as profiting from insider information during the recent financial fund crisis.
The recovery of assets from roughly 50 individuals who allegedly secured illicit gains by leveraging insider knowledge before the system collapsed is now a priority for Turkish authorities. President Recep Tayyip Erdoğan issued a firm directive regarding these subjects, stating unequivocally that they must return the money involved in the scheme.
According to columnist Abdulkadir Selvi of Hürriyet Gazetesi, the names of these 50 people have been individually identified. The group is accused of monitoring market fluctuations prior to the crisis erupting, selling at peak values to save their capital, and thereby causing losses to the broader system. Selvi reported that Erdoğan conveyed this strict instruction during a closed-door meeting, emphasizing there was no alternative but for the funds to be recovered.
The investigation process continues with two critical actions anticipated within the current month. First, judicial proceedings are expanding. A request has been submitted to the Ministry of Treasury and Finance for an investigation permit concerning former Capital Markets Board (SPK) Chairman İbrahim Ömer Gönül. This move is viewed as the initial sign that the legal net is tightening around responsible parties.
Second, payments are scheduled to begin this month for approximately 355,000 investors whose claims are under 1 million lira. The funding source for these reimbursements will consist of seized assets belonging to suspects, mandatory reserves held at Takasbank, and government bonds.
Selvi noted that while President Erdoğan does not intend to rush immediate moves against political or bureaucratic figures implicated in the crisis, those found negligent or involved will face consequences. The timing for removing specific officials from their posts will be determined by the President himself, signaling potential high-level dismissals in both politics and bureaucracy.
In a memorandum sent on September 17, the Istanbul Chief Public Prosecutor’s Office requested financial data from MASAK (Financial Crimes Investigation Board). The inquiry targets executives of Pusula Finans Holding AŞ, Tera Yatırım Menkul Değerler AŞ, Hedef Holding AŞ, Bulls Yatırım Menkul Değerler AŞ, and their subsidiary companies.
The prosecutor's office demanded full identity details for all company managers. Additionally, raw data regarding any transfers of money and crypto assets abroad from 2024 to the present, along with all incoming and outgoing transactions, were ordered to be submitted to the Chief Public Prosecutor’s Office.
The investigation, conducted by the Terrorism Financing and Money Laundering Crimes Investigation Bureau of the Istanbul Chief Public Prosecutor’s Office, has resulted in several detentions. Those taken into custody include Emre Tezmen, Chairman of the Board of Directors at Tera Yatırım Holding; Emre Alkin, a member of the same board; Kerem Alkin, an independent board member at Tera Yatırım; and Alper Öztürk, General Manager of Tera Portföy.
Further arrests include Nihat Kırmızı, Chairman of the Board at Pusula Finans Holding; Fatih Kaya, CEO of Pusula Finans Holding; and Abdullah Çelik, a board member at Pusula Finans Holding. In total, 50 individuals identified as major fraudsters have been pinpointed, while 17 others remain under investigation for similar activities.
