Turkish authorities have launched a major investigation into alleged Ponzi-like schemes involving Tera Holding and Pusula Holding. On September 19, officials detained Tera Holding Chairman Emre Tezmen and several board members. Warrants were also issued for Pusula Holding Chairman Serdar Turhan.
The Capital Markets Board (SPK) ordered the liquidation of approximately 130 investment funds with a total value of around $18.3 billion. Authorities have imposed travel bans and asset freezes on 51 individuals associated with the affected financial firms.
The investigation follows reports of suspicious trading activity and liquidity crises. Two funds managed by Tera reportedly faced redemption defaults amounting to $7.5 billion. Previous arrests included Pusula Portföy Chairman Muhammed Yariz and Destek Yatırım Chairman Altunç Kumova.
Market reaction was immediate, with the BIST 100 index falling between 6% and 8% following the news, which led to temporary trading halts on Borsa Istanbul. Justice Minister Akın Gürlek stated that the alleged schemes targeted the savings of ordinary citizens.
