Arrests in fund scandal reach 118; Sayan Kaya's asset decision opens to debate

The number of arrests in the fund scandal that triggered sharp declines on Borsa İstanbul in September has reached 118 according to the latest announcements.

The detention and arrest process began on September 19. On September 23, Pusula Holding Board Chairman Serdar Turhan, Tera Yatırım Holding Board Chairman Emre Tezmen, and executives Alper Öztürk, Emre Alkin, and Kerem Alkin were arrested, bringing the total number of detainees to 9. On September 24, 20 suspects, including Tera Holding Board members Abdülkadir Özkan and Bülent Uygun as well as Doğa Sigorta owner and Board Chairman Nihat Kırmızı, were referred to the court; the Criminal Court of Peace ruled to arrest 14 of them while three were released under judicial supervision. On September 25, 19 of the 21 suspects in detention were arrested; among these names was Erkan Kilimci, who served as TCMB Deputy Governor between 2016 and 2018 and later moved to the Tera Yatırım board.

Following statements by New Party Spokesperson Zeynel Emre, AKP Deputy Chairman and former Family and Social Policies Minister Fatma Betül Sayan Kaya announced her resignation from her position. AKP Spokesperson Ömer Çelik announced that President Recep Tayyip Erdoğan had accepted the resignation request. On September 30, a freeze was requested on the assets of Sayan Kaya and her husband İlyas Kaya; although precautionary measures were initially put in place, they were later lifted. On October 6, Sayan Kaya announced that she and her husband had returned the portion of investments beyond the principal to TMSF. The couple later gave statements at the courthouse, denying the allegations; no judicial decision has yet been rendered against them.

The scandal, which has been marked by fierce debates in Parliament, continues to dominate the agenda as the names of political figures and bureaucrats are mentioned.