Turkey arrests Tera chairman as ‘Ponzi-like’ fund probe affects 450,000 investors
Turkish authorities arrested the chairman of Tera Yatirim Menkul Degerler AS on Wednesday morning, the brokerage at the centre of the country's current investment fund scandal, with funds worth more than $18 billion (€15.7bn) and held by over 450,000 people now being liquidated.
Turkish authorities have arrested the chairman of Tera Yatırım, Emre Tezmen, as part of a probe into a series of "Ponzi-like" fund management issues affecting 450,000 investors. The arrest also included four other individuals and follows the company's failure to make some payments due to investor withdrawals from two of its funds.
The crisis began when these funds struggled to pay investors, holding large stakes in shares that were difficult to sell quickly. Authorities have frozen assets linked to several financial firms and requested records of money and crypto transfers abroad to investigate potential asset transfers overseas.
Brief written by urgent.news from Euronews's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
