Executives Among 26 Detained in Turkey Investment Fund Probe

By the Editorial Team · Thursday, October 22, 2026

Turkish authorities arrested 26 people, including former finance officials and executives, as part of a probe into a multi-billion-dollar investment fund scandal involving alleged market manipulation. The investigation, which has shaken investor confidence and led to political fallout, continues as prosecutors seek additional suspects and enforce the return of illicit profits.

Turkish authorities detained 26 individuals on Wednesday amid an ongoing investigation into a major investment fund scandal that has unsettled the country’s financial markets. Among those arrested were former finance ministry officials and executives linked to the fund, which is reportedly at the center of a multi-billion-dollar market manipulation probe.

The scandal, which emerged just over a month ago, involves allegations that improper practices within the fund significantly affected the savings of approximately 455,000 individual investors. Prosecutors have alleged widespread market manipulation that has prompted a high-profile legal response.

In the latest phase of the investigation, prosecutors issued warrants for 31 individuals, successfully detaining 26 while actively searching for the remaining five suspects. One of those still sought by police is Nusret Altinbas, the owner of Altinbas Holdings, a large Turkish conglomerate. Nusret’s brother has already been detained, and authorities have frozen family assets, according to Anadolu, Turkey’s state news agency.

The developments come shortly after Finance Minister Mehmet Simsek issued a stern warning, stating that anyone who fails to voluntarily return profits gained from market-distorting activities would face formal legal action. While Simsek indicated that authorities have identified all beneficiaries of the illicit gains, he did not specify the total number involved or confirm whether all had been apprehended.

The scandal has triggered political repercussions, amplifying scrutiny on President Recep Tayyip Erdogan’s Justice and Development Party (AKP). The intense public focus has led to the resignation of a former minister amid allegations concerning her personal investment dealings.

Authorities have not disclosed further details about the ongoing search for the remaining suspects or the broader implications for those implicated. The investigation continues to unfold as Turkey grapples with the fallout from the scandal and its impact on investor confidence.

This article was reported by synthesizing coverage from multiple independent news outlets to present a balanced, unbiased account. Read about our editorial standards. Spotted an error? Let us know.