Turkey arrested high-profile finance executive Emre Tezmen and four others as part of an ongoing investigation into imploded funds that have caused billions of dollars of investors' money to evaporate.

Tezmen, the chairman of Tera Yatirim Menkul Degerler AS, was first detained on Sept. 19. He was arrested on Sept. 23 alongside Tera board members Kerem Alkin and Emre Alkin as well as another company executive, Alper Ozturk, Turkey's NTV news channel reported.