13 individuals detained in Istanbul for alleged stock manipulation targeting Investco Holding

Thirteen out of nineteen individuals connected to Investco Holding, a company based in Istanbul, were apprehended on suspicion of manipulating stock market transactions. Well-known market analyst Isik Okte, one of the detainees, has been released, although a travel restriction remains in place.

The arrests are the outcome of an inquiry initiated earlier in the week to investigate unusual trading activities on Borsa Istanbul, the primary stock exchange in Türkiye. Initially, 14 suspects were taken into custody on Tuesday, with an additional five individuals apprehended later in the week, bringing the total number of arrestees to 19. The allegations revolved around anomalous transactions involving specific listed shares, with executives from Investco Holding being accused of manipulating prices to secure illegitimate profits and then funneling the proceeds through the company. Authorities reported that the investigation is ongoing, citing information from Türkiye’s Financial Crimes Investigation Board (MASAK) and the Capital Markets Board (SPK) that highlighted individuals allegedly orchestrating the scheme through Investco Holding.

Investco Holding, established in 2011 and headquartered in Istanbul, functions as an investment company with a diverse investment portfolio spanning various sectors such as renewable energy, mining, chemicals, iron and steel, technology, venture capital, food, and healthcare. Its affiliated companies include Verusa Holding and Pan Teknoloji, in addition to an international subsidiary, Investat Holding Limited, situated in London. In the wake of the inquiry, both the company’s shares and those of its subsidiary, Verusa, experienced a sharp decline by 30% on Borsa Istanbul throughout the week.