DETENTION FOR ANOTHER 34 PEOPLE REQUESTED

ISTANBUL, SEPTEMBER 30 /SRNA/ – Turkish authorities have requested the detention of another 34 people suspected within an investigation into alleged market and fund manipulation, Justice Minister Akin Gürlek said.

In his post on X, he cited that authorities are examining 26 trading activities on the Istanbul Stock Exchange that are believed to have involved manipulative transactions, money transfers, and links to individuals and accounts that generated unusually large profits.

Gürlek announced that legal proceedings would be initiated to transfer assets determined to be proceeds of crime to the Savings Deposit Insurance Fund.

He added that, following the latest operation, the total number of suspects in the investigation has risen to 217, including 56 people detained pending trial and 88 under judicial supervision while the investigation continues.

The fund crisis in Turkey began following suspicions of price manipulation involving thinly traded stocks, which caused major losses and increased pressure for redemptions from investment funds, Reuters reports.

Nearly half a million investors hold stakes in more than 100 Turkish investment funds with combined assets of $20 billion, which authorities liquidated this month.