Nusret Altınbaş arrested in fund investigation; total detainees reach 117

Nusret Altınbaş, owner of Altınbaş Holding, was detained as part of the fund investigation conducted by the Istanbul Chief Public Prosecutor's Office; the number of detainees in the investigation has reached 117.

After completing his processing at police headquarters, Altınbaş was brought to Istanbul Courthouse in Çağlayan. At the prosecutor's request for detention, Altınbaş was referred to the criminal court of peace and was ordered detained by the court. His brother and Altınbaş Holding Board Chairman İnan Altınbaş was detained on October 24; all assets of the Altınbaş family had been frozen earlier.

According to the chronology of the investigation, the CMB liquidated 131 investment funds belonging to seven portfolio management companies on September 17. The funds subject to liquidation belong to TERA, PUSULA, HEDEF, ATLAS, A1, PARDUS, and BULLS PORTFÖY; the process to be carried out by İş Bankası and Ziraat Bankası will last six months.

Among the prominent names that emerged earlier in the investigation were former Family Minister and AKP Deputy Chairman Fatma Betül Sayan Kaya and her husband İlyas Kaya. On September 26, it was alleged that the Kaya couple withdrew a total of 2 billion 170 million lira through one fund, earning 21 times and 8 times returns respectively; Kaya left his position without responding to the allegations.

Justice Minister Akın Gürlek announced on October 9 that 187 billion lira in unlawful fund gains had been identified in the investigation. Ali Emre Ballı, Board Chairman of Adil Katılım Bank mentioned in the fund investigation, was found dead in his vehicle on October 6.