Istanbul Prosecutors Seek Asset Freeze for 106 in Fund Manipulation Probe

Istanbul Chief Public Prosecutor's Office has requested asset freezes for 106 individuals and entities, including 42 real persons, 46 legal entities, and 18 funds, in an investigation into alleged market manipulation and money laundering. The probe focuses on suspicious trading activity on Borsa Istanbul where certain stocks saw price increases of up to 100 times their value.

Prosecutors allege that fund owners created artificial demand by purchasing shares, then sold them to their own funds, inflating both share and fund values artificially. The indictment cites discrepancies between book values and market prices of the companies involved, characterizing the activity as fraud under Article 107 of the Capital Markets Law.

“Some shares saw price increases reaching approximately 100 times their value, and these movements were evaluated as abnormal in nature.”

Among the 42 individuals named is Melis Sandal, wife of pop singer Mustafa Sandal. Kocaeli Halk Gazetesi reports she allegedly withdrew 11.1 billion Turkish lira from the funds in question. The asset freeze request also extends to spouses, children, and close relatives of those listed, covering real estate, vehicles, vessels, and aircraft.

The Capital Markets Board (SPK) subsequently ordered 131 funds to be closed to trading on the TEFAS platform effective September 17, 2026. Tera Yatırım Menkul Değerler is identified among the 46 legal entities under scrutiny.