Turkey Arrests Tera Chairman Emre Tezmen in Ponzi-Like Fund Probe Affecting 455,758 Investors

Turkish authorities arrested Emre Tezmen, founder of brokerage Tera Yatırım, and four others on Wednesday over a "Ponzi-like" fund collapse affecting 455,758 investors. The suspects include Tera board members Kerem and Emre Alkin, Tera Portföy GM Alper Öztürk and Pusula Finans Holding chairman Serdar Turhan, NTV reported. Tera Portföy disclosed on Sept. 16 that it missed payments as investors withdrew from two funds; Pusula Portföy also reported delays. The Capital Markets Board ordered the liquidation of 131 funds run by seven firms, extending the sale period to six months on Sept. 21. İşbank and state-owned Ziraat Bank will oversee liquidations. Finance Minister Mehmet Şimşek put the funds' value at $18.3 billion, about 10% of the sector, and said their failure is "quarantined." The Borsa Istanbul All Shares index has fallen 12% since Sept. 14, with roughly 50 stocks losing 40% or more. Prosecutors also requested records of money and crypto transfers abroad since 2024. Authorities have frozen assets linked to executives at several firms.