Turkish authorities detained Tera Holding Chairman Emre Tezmen and several board members, and issued arrest warrants for Pusula Holding Chairman Serdar Turhan, as part of an investigation into suspected ponzi-like schemes. Turkey’s financial regulator (SPK) ordered the liquidation of approximately 130 investment funds worth around $18.3 billion, with travel bans and asset freezes imposed on 51 individuals. The benchmark BIST 100 index dropped 6 to 8 percent following the news, triggering temporary trading halts on Borsa Istanbul. Two Tera funds alone reportedly faced redemption defaults totaling approximately $7.5 billion. Justice Minister Akın Gürlek condemned the alleged schemes for targeting ordinary citizens’ savings through dubious methods.
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