Turkish authorities have detained 14 suspects over allegations of manipulating trades on Borsa Istanbul (BIST), prosecutors said Tuesday.
The Istanbul Chief Public Prosecutor’s Office launched an investigation after detecting unusual fluctuations in trading volumes and stock prices, which appeared inconsistent with normal market activity and reportedly caused losses for small investors.
Among those detained is economist Işık Ökte, according to the prosecutor’s office.
Police from Istanbul’s Financial Crimes Division carried out a coordinated operation to arrest the suspects, who were taken to the department’s Vatan Street headquarters.
The prosecutor’s office said the suspects, officials from Investco Holding, are accused of violating the Capital Markets Law and laundering profits through the stock exchange and other investment channels.
The statement added that the Financial Crimes Investigation Board and the Capital Markets Board are reviewing reports related to the value of the alleged gains, and the investigation is continuing in all directions.
