Turkish authorities jailed four people pending trial and imposed travel bans and asset restrictions on 51 others Friday in investigations into alleged market manipulation, a day after authorities rolled out measures to support markets after recent volatility.
The investigation followed a criminal complaint by the Capital Markets Board (SPK) over alleged manipulative transactions in some investment funds and shares, Justice Minister Akin Gürlek said.
Turkish authorities did not name the people affected.
The four jailed suspects included a fund board chair and board members, Gürlek said, adding that the court ordered restrictions on accounts and assets to prevent them from being transferred.
The announcement came a day after authorities moved to shore up financial stability after a small number of funds struggled to meet client withdrawals amid a stock market selloff.
The capital markets board ordered liquidation of several investment funds worth around $18.3 billion managed by seven portfolio management companies.
Authorities also launched proceedings against people accused of using social media to manipulate capital markets, with 16 suspects jailed pending trial, Gürlek said.
