Turkish authorities arrested Enver Usca, former deputy chairman of the Capital Markets Board (SPK), on bribery charges linked to a widening fund scandal. A court ordered his detention, Anadolu Agency reported. Usca's SPK term ended Oct. 31.
The Istanbul Chief Public Prosecutor's Office confirmed his detention on Tuesday. Investigators have expanded the probe to politicians and senior finance figures, including a deputy chairwoman of President Erdogan's AK Party and the head of the stock market. A failure to meet redemption requests by high-profile funds in thinly traded stocks triggered an industry collapse in mid-September, affecting nearly half a million investors.
The SPK ordered the liquidation of 131 funds worth $20 billion. Justice Minister Akin Gurlek identified an organized criminal network reaching top financial bureaucracy levels, with 433 suspects and 112 jailed as of Nov. 3.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing