Former senior officials from the Capital Markets Board (SPK) were detained as part of an İstanbul Chief Public Prosecutor’s Office investigation into unusual activity involving investment funds and stocks.

Those detained include former SPK Deputy Chair Enver Usca, former board member Bülent Murat Haholu, former Corporate Finance Department head Kürşat Sait Babuçcu and former Market Surveillance and Supervision Department head Ercan Urkan.

Mustafa Alper Taş, head of the Banking Regulation and Supervision Agency’s Fourth Implementation Department, and Ümit Sincanlı, administrative affairs director at Tera Holding, were also detained.

Background

The investigation began after prosecutors detected unusual movements in certain funds and stocks. The İstanbul Chief Public Prosecutor’s Office requested information and documents from the SPK on Aug 19, 2026.

The SPK decided on Sep 17 to liquidate 131 funds.

The investigation expanded in September and October, with detention and arrest orders issued for executives at portfolio management companies, investment firms and several holding companies.

In operations carried out on Oct 22, suspects including former Justice and Development Party (AKP), ruling party, lawmaker Ertan Aydın were detained.

Of 22 people referred to court on Oct 24, 15 were arrested. They included Taha Çakmak, former general manager of Türkiye Sigorta and Türkiye Hayat Emeklilik, and Altınbaş Holding executive İnan Altınbaş.

Borsa İstanbul General Manager Korkmaz Enes Ergun was detained on Oct 31 as part of the same investigation.

Ergun was arrested on Nov 3 on a charge of “taking bribes.” The number of people held in pretrial detention in the investigation was reported to have risen to 121.

Ergun was appointed general manager of Borsa İstanbul in 2021. He had previously served as deputy general manager responsible for listings. (FY/VK)