14 individuals arrested in suspected stock market manipulation case in Istanbul

Turkish authorities have taken into custody 14 individuals in connection with allegations of manipulating trades on Borsa Istanbul (BIST), as stated by prosecutors on Tuesday. The Istanbul Chief Public Prosecutor’s Office initiated an inquiry after identifying unusual fluctuations in trading volumes and stock prices, which seemed inconsistent with typical market behavior, causing losses for small-scale investors.

Among the detainees is economist Işık Ökte, as confirmed by the prosecutor’s office. The suspects were apprehended by police from Istanbul’s Financial Crimes Division in a coordinated operation and subsequently brought to the department’s Vatan Street headquarters. The prosecutor’s office asserted that the suspects, who are officials affiliated with Investco Holding, are being accused of contravening the Capital Markets Law and engaging in money laundering through the stock exchange and additional investment avenues. Further elucidating, the statement disclosed that the Financial Crimes Investigation Board and the Capital Markets Board are currently reviewing reports that detail the supposed profits, with the investigation advancing on multiple fronts.