Investigation leads to arrest of 14 individuals in connection with securities manipulation at Borsa Istanbul
In a significant development, Turkish authorities have launched an investigation into stock holdings, with the initial target being Investco Holding. The probe comes amid allegations of stock market manipulation on Borsa Istanbul.
As part of the operation, several individuals have been detained, including investment expert Işık Ökte. Besides Ökte, 14 officials of Investco Holding have also been detained. All the suspects are accused of violating the Capital Markets Law and are being examined by the prosecutor's office, which is scrutinising all relevant reports and transactions linked to the suspects.
The detention of Ökte, who has held strategic and executive roles at Finans Invest, Halk Invest, and TEB Invest, comes after sharp declines in related stocks were triggered by the news of the operation. Prior to the probe, Investco Holding shares had surged 324 percent since June 23. However, following the investigation, the company's shares fell 10 percent to 738 Turkish Liras ($18).
The manipulation caused artificial price surges and harmed small investors, according to reports. The suspects are also accused of laundering proceeds through stock market transactions and other investment channels.
Despite the detention, no new information about the specific charges or evidence against the suspects has been provided. Similarly, no new information about the status of Işık Ökte or any other companies or individuals being investigated was provided.
Işık Ökte, who currently works as a financial adviser and fund manager, studied economics and mathematics at Hamilton College in the U.S. Prior to his current role, he has been active in his field since 2023. However, no new information about his educational background or previous work experiences has been disclosed.
No new information about any potential impact on the capital markets or economy was provided either. As the investigation continues, more details are expected to emerge regarding the stock manipulation allegations and the roles of the detained individuals.
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