Turkish authorities detained high-profile finance executives Saturday as part of an investigation into a "ponzi-like" funds scheme, NTV reported. Tera Holding Chairman Emre Tezmen and board members Emre Alkin and Kerem Alkin were detained, while a warrant was issued for Pusula Holding Chairman Serdar Turhan. Separately, Altunc Kumova, chairman of Destek Holding, was formally arrested after detention on Sept. 17.

The probe follows the market regulator's order to liquidate 131 funds run by seven asset managers worth some $20 billion, including those of Tera and Pusula. Both firms recently announced defaults on some funds after failing to meet redemption requests amid mass outflows. Justice Minister Akin Gurlek likened the speculative bubble to a ponzi scheme, triggering a stock market rout.

Authorities intervened to ease liquidity and contain panic. Finance Minister Mehmet Simsek stated Friday that those involved in wrongdoing would face consequences.