New detentions in Turkey in financial fraud case

Detentions are continuing in Turkey as part of an investigation into illegal transactions on the stock market.

In the course of the investigation, law enforcement agencies carried out a new operation, as a result of which 31 people were taken into custody.

The new detentions followed yesterday's statement by President Recep Tayyip Erdogan that the authorities do not intend to turn a blind eye to violations. «We will not act on the principle: “One hand washes the other”,» Turkish media quoted the president as saying.

Erdogan also stated the need to take measures so that violations do not spread and cause further damage.

The investigation is being conducted by the Istanbul Prosecutor's Office, the unit for cases of terrorism financing and money laundering. The grounds for expanding the case were reports by Turkey's Capital Markets Board (SPK) and written appeals.

The investigation is examining transactions involving shares of 4 companies:

Işıklar Enerji ve Yapı Holding AŞ (IEYHO);

Vişne Madencilik Üretim Sanayi ve Ticaret AŞ (VSNMD);

Odine Solutions Teknoloji Ticaret ve Sanayi AŞ (ODINE);

Tera Finansal Yatırımlar Holding AŞ (TRHOL).

Among those involved in the case is also the chairman of the Board of Directors of Altınbaş Holding, Inan Altınbaş, who was detained during the first wave of the operation.

The list of detainees includes representatives of investment and management companies, as well as financial specialists.

Source: TRT