Turkey Detains 14 More in Katilimevim Share Trading Probe

Turkish authorities detained 14 additional people on Tuesday as part of an investigation into transactions involving shares of Katilimevim, a listed savings financing company, Justice Minister Akin Gurlek said.

The detentions follow a criminal complaint filed last week by Turkey's Capital Markets Board against 38 people over alleged manipulation of shares in Katilimevim and two other listed companies. The board also imposed two-year trading bans on those individuals.

In a statement on X, Gurlek said legal proceedings have now been launched against 60 suspects in total. Four have been arrested, while legal processes for 44 detained suspects are continuing. Efforts are under way to capture 12 more suspects, he added.

The minister said all legal and financial measures were being taken to uncover proceeds from crime, prevent the concealment of assets, and protect the rights of victimised citizens.

The operation is part of a broader crackdown on suspected share price manipulation at the centre of a liquidity crisis that has shaken Turkey's investment fund industry. Regulators have frozen scores of funds and ordered their liquidation.

On Monday, authorities detained 15 people in connection with the Katilimevim investigation and froze assets linked to executives at several other investment firms. The crisis has also led to the detention of top executives at a number of portfolio management companies and drawn scrutiny of concentrated bets in thinly traded stocks.

Finance Minister Mehmet Simsek said on Friday that the problems were contained and would not pose a systemic risk.