Turkey faces fund scandal, probes former regulator
Turkey is facing a major scandal involving widespread manipulation of investment funds. Investigations have been launched into former Capital Markets Board chairman, İbrahim Orhan Gönül, on suspicion of abusing his position. This comes after several investment funds announced their inability to meet investor demands during a market sell-off in mid-September, which led to a sharp decline in the Istanbul Stock Exchange index and the freezing of 131 funds with a total value reaching $17 billion, affecting more than 455,000 investors. A court in Istanbul has ordered the detention of 20 additional suspects, and the investigations are happening alongside President Erdoğan's pledge to hold accountable those who benefited illegally and to resolve the crisis fairly.
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