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 an investigation into funds accused of Ponzi-like schemes. The arrest follows the failure of Tera Yatırım's fund-management subsidiary to make payments to investors withdrawing their savings. The investigation has affected around 450,000 investors across 131 Turkish funds.
The crisis began when some funds struggled to pay investors due to the difficulty in quickly selling shares with few available in the market. Prosecutors have requested records of money transfers abroad since 2024 to uncover any potential asset movements. Turkish Justice Minister Akın Gürlek vowed to hold those exploiting citizens' savings accountable.
The liquidation of the affected funds is now underway, with İşbank and Ziraat Bank overseeing the process.
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