Turkey’s $18B Ponzi-like scandal likened to Madoff as arrests mount
Turkey detained 14 more people Tuesday as authorities widened a probe into one of the country's largest investment-fund scandals.
ANKARA — Turkey detained 14 additional people on Tuesday as authorities widened one of the country’s biggest market-manipulation probes, deepening a Ponzi-like scandal involving more than $18 billion in assets that has affected more than 350,000 investors.
What happened: Turkish Justice Minister Akin Gurlek said Tuesday that the suspects were detained in raids in Istanbul and the western province of Aydin, bringing in 14 of the 15 people sought in connection to alleged market manipulation.
Tuesday's raids came on top of 15 detentions made a day earlier in Istanbul as part of the same investigation.
"With the operation carried out today, legal proceedings have been launched against 60 suspects so far. Four suspects have been arrested; legal proceedings for 44 detained suspects are continuing; efforts continue to capture 12 suspects," Gurlek said on X.
