Turkey Freezes Assets of 106 Entities in Fund Fraud Probe

Justice Minister Akın Gürlek announced a sweeping asset freeze targeting 46 companies, 18 investment funds, and 42 individuals linked to an alleged fraud scheme. The Istanbul Chief Public Prosecutor's Office is investigating charges including forming a criminal organization, qualified fraud, money laundering, and violations of capital markets law.

Authorities have also imposed travel bans on 37 suspects who previously faced no restrictive measures. The probe examines fund withdrawals between July 1 and August 16, starting with the largest transactions.

“We will trace the money to the end no matter which account it was transferred to or which company or person it was moved to.”

Gürlek stated that a $40 million transfer abroad was blocked as part of the investigation. He emphasized that the primary goal is to recover misappropriated savings and compensate victims, noting that President Erdoğan is closely monitoring the process.

The minister said the case relies on material evidence such as MASAK financial intelligence reports, bank records, and base station data, not solely on witness testimony. Investigators have sent notices to relevant institutions to prevent asset transfers, mortgages, or account closures.

Gürlek also revealed that the Cold Case Unit has reopened around 690 files and resolved 46 previously unsolved cases. He pledged to trace assets "to the end" regardless of how many times they changed hands.