Financial Times investigates Türkiye's investment fund crisis
British financial newspaper Financial Times (FT) examined the investment fund crisis in Türkiye that has affected more than 455,000 investors and led to the liquidation of 131 investment funds.
The investigation, covering approximately $20 billion in fund assets, questioned why earlier warnings about suspicious market transactions had gone unaddressed. Former Deputy Chairman of the Financial Crimes Investigation Board (MASAK), Ramazan Başak, claimed that he had repeatedly warned authorities but that his concerns were ignored. The report also recalled that international index provider MSCI had raised concerns in June about coordinated trading activities involving certain stocks.
According to the Financial Times investigation, the TLY fund affiliated with Tera Group generated a return of 4,233% in 2025, compared with a 13% return for Borsa Istanbul over the same period. The report highlighted allegations that certain funds had made concentrated purchases of shares in affiliated companies to drive up stock prices. Following the crisis, legal proceedings were reportedly initiated against more than 400 individuals, with over 100 people arrested. Treasury and Finance Minister Mehmet Şimşek stated that the troubled funds represented approximately 10% of the sector and posed no systemic risk. Meanwhile, FT emphasized the potential impact of the developments on investor confidence in Türkiye's capital markets.
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