Eight suspects have been detained in Türkiye over the alleged manipulation of stock prices on the Borsa Istanbul and causing financial losses to small investors, media reported on Monday.
The detentions came after the investigation by the Istanbul Chief Public Prosecutor's Office found unusual price and volume volatility in shares traded on the stock exchange, specifically in the stocks of Atlantis Yatırım Holding A.Ş.
Eight individuals were taken into custody by the authorities in Istanbul, Kocaeli, Antalya and Zonguldak, the private broadcaster NTV reported.
The suspects are being investigated on charges of establishing a criminal organization and market fraud, Anadolu Agency (AA) said.
The case comes amid heightened scrutiny of financial crimes in Türkiye, where regulators have pledged to protect market stability and investors.
In early March, authorities detained 17 people suspected of causing "unusual movements" in the stock market and engaging in manipulative actions in capital market instruments.
The latest manipulated share activity centered on Atlantis Yatırım Holding, a firm that had already been under scrutiny in the watchlist market segment, where trading hours are limited due to risk concerns.
Following news of the investigation and arrests, Atlantis Yatırım Holding shares dropped by over 9.9%, to TL 51.25 on Monday.
The stock has seen wild price swings over recent years.
Once trading below TL 1, Atlantis shares began a meteoric rise in early 2020, reaching TL 10 by 2021. The rally gained momentum through 2022, peaking at TL 185 – a 4,500% increase over 15 months.
However, the stock later plunged, falling to around TL 40 by mid-2024. Despite being in the watchlist segment, it made another sharp climb to TL 124 between July and August 2024, marking a 210% gain within a month.
That second surge was followed by yet another steep decline, with the stock dropping to the TL 45 level before rebounding to TL 73 by June 11 of this year. It has since resumed a downward trajectory, closing at TL 56.90 on July 11.
