Prosecutors in Istanbul investigating the collapse of Türkiye’s liquidated investment funds have identified 214 people and companies that earned more than 100 million liras each from the TERA, Pusula and Hedef funds.
Justice Minister Akın Gürlek told the Sabah newspaper that 141 individuals made a combined 100.68 billion liras and 73 companies 86.98 billion liras, bringing total gains from the three funds to 187.65 billion liras.

Breakdown by fund
- TERA: about 90 billion liras (102 people and 38 companies)
- Pusula: about 79 billion liras (19 people and 20 companies)
- Hedef: about 18 billion liras (20 people and 15 companies)

Gürlek said investigators also found that AI-based software had been used in stock trading. The prosecutor’s office reported the names to the Savings Deposit Insurance Fund (TMSF), which has begun formally notifying them to return the gains, to be pooled in accounts set up for victims.
The crisis erupted with steep stock market losses in mid-September and centers on 131 funds run by seven portfolio management firms, which the Capital Markets Board ordered liquidated on Sept. 17.