Turkey Jails Finance Executives in Ponzi Scheme Investigation

Turkish authorities have arrested finance executives related to a fund redemption crisis, according to reports. The investigation focuses on alleged Ponzi-like activities using legitimate fund structures and stock manipulation claims. CryptoBriefing reported that Mehmet Yalçın Pusula Portföy Yönetimi Chairman Muhammed Yalçın Pusula, Altunç Kumbaya Destek Holding Chairman Altonç Kumbaya, İbrahim Beki Terra Portföy Yönetim Deputy Director, and Namık Kemaıl Gökalp Hedef Holding Chairman were detained. Pusula was arrested, while the detention status and charges for others remain unconfirmed. The Turkish Capital Market Board ordered the suspension and liquidation of 130 funds managed by Terra, Pusula, and Hedef. CryptoBriefing reported these funds hold assets worth approximately $18 billion (about 25 trillion won) with over 350,000 investors.