Justice Minister Akın Gürlek announced that search, seizure and detention orders had been issued for 34 suspects as part of the 5th wave of operations in the fund investigations conducted by the Money Laundering Crimes Investigation Bureau of the Istanbul Chief Public Prosecutor’s Office. Thus, the number of suspects subject to action reached 217, while the number of those arrested reached 56; 88 people were placed under judicial control. The investigation is not limited to the existing funds and suspects, but also covers 26 stocks linked to speculative and manipulative transactions. The transaction histories, money movements and connections of individuals and accounts that obtained extraordinary gains are being examined. Gürlek said that assets determined to have been obtained through crime would be transferred to a fund to be established within TMSF following legal proceedings, and that investor rights would be protected.
Why it matters
The fact that the investigation extends beyond individuals and accounts to include transactions in stocks shows that the examination is aimed at uncovering possible connections and transaction chains in the market. This approach requires a detailed examination of the relationship between individuals and accounts considered to have obtained extraordinary gains and the movement of funds. The outcome of the process for investors will depend on how assets determined to have been obtained through crime are separated from lawful investments. The plan to transfer the assets to a fund within TMSF will come onto the agenda after this distinction; however, it is not yet clear which assets will be considered within this scope or how investor rights will be protected in practice.