MASAK transmitted to the Istanbul Chief Public Prosecutor’s Office and the relevant institutions information on individuals who held shares in investment funds that were not traded through TEFAS or during the period when investor access was limited, as part of judicial and administrative reviews in the capital markets. The financial transactions of 117 current and former executives working or having worked at Pusula Finans, Tera Yatırım, Hedef Holding and Bulls Yatırım, as well as their affiliated financial institutions, were examined; 2 analytical reports were sent to the Chief Public Prosecutor’s Office. 1 report prepared on suspicion that an executive had concealed assets was also submitted. While reviews into fund inflows and outflows and gains continue, strict controls were implemented at banks, brokerage firms, crypto-asset service providers, and payment and electronic money institutions. As of 21 September 2026, attempted transactions totaling nearly 2.5 billion lira were halted and reported in connection with transfers of funds abroad, cash transactions, and unusual activity.
Why it matters
MASAK’s judicial and administrative reviews show that the investigation has not been limited to certain fund transactions, but is also seeking links among executives, shareholders, and the financial institutions that facilitated the transactions. This framework means that transactions carried out during periods when access to investment funds was restricted have not been left outside the scope of oversight, creating an area in which the past activity of the investors concerned may also be examined. The controls targeting banks, brokerage firms, crypto-asset service providers, and payment and electronic money institutions show that the process extends across multiple channels of the financial system. However, it is not yet clear which legal or administrative consequences the reports will have for which transactions, or whether the scope of the ongoing reviews will be expanded.