Istanbul prosecutors detain 15 suspects in new Katılımevim operation

The Istanbul Chief Public Prosecutor’s Office has launched a new operation as part of a capital markets investigation into transactions involving Katılımevim shares. Fifteen of the 25 suspects facing legal action have been detained, while efforts to apprehend the remaining 10 continue.

A new operation has been carried out as part of an investigation by the Istanbul Chief Public Prosecutor’s Office into transactions conducted in the capital markets. Legal action has been initiated against 25 suspects in the investigation, which also examines transactions involving shares of Katılımevim Tasarruf Finansman A.Ş. (KTLEV). Fifteen of the suspects have been detained, while efforts to apprehend 10 others continue.

Katılımevim shares at the center of the investigation

The investigation is being conducted in line with findings in the Capital Markets Board’s (SPK) inspection report dated September 17, 2026. Certain transactions involving Katılımevim shares are being examined on suspicion of “market manipulation” under the Capital Markets Law.

The 15 detained suspects

The suspects detained as part of the investigation are:

1. Celal Yarız

2. Berkan Gülen

3. Furkan Baki

4. Halil İbrahim Ege

5. İlhan Aygün

6. İsmail Ege

7. Murat Keçeci

8. Salih Can Bülbül

9. Samet Çetinel

10. Selçuk Kahya

11. Mehmet Erbey

12. Lütfi Çetinel

13. Mehmet Yıldırım

14. Uğur Akkafa

15. Ramazan Erbey

Celal Yarız among those detained

Celal Yarız, one of those detained, is the father of Muhammed Yarız, chairman of the board of Pusula Portföy, who was arrested in an earlier phase of the investigation. Muhammed Yarız’s arrest was one of the significant developments in the earlier stages of the investigation.

Precautionary measures imposed on assets linked to nine companies

Comprehensive measures are also being applied in the financial aspect of the investigation. Precautionary measures have been imposed on money and asset movements involving certain executives and officials linked to Pusula Finans Holding, Pusula Yatırım Menkul Değerler, Tera Yatırım Menkul Değerler, Tera Portföy Yönetimi, Hedef Holding, Hedef Portföy Yönetimi, Bulls Yatırım Menkul Değerler, Bulls Portföy Yönetimi and Ufuk Yatırım Yönetim ve Gayrimenkul.

Measures also cover officials’ relatives

As part of the investigation, measures have also been applied to the spouses and first-degree blood relatives of the chairpersons, board members and authorized signatories of the companies concerned. Notifications were sent to various institutions, including banks, notaries, the General Directorate of Land Registry and Cadastre, the General Directorate of Maritime Affairs, the General Directorate of Civil Aviation and MASAK, to prevent the transfer or reduction of the assets under investigation.

Pusula-Tera transfer talks also on the agenda

Katılımevim had previously announced to the Public Disclosure Platform (KAP) that talks had begun on the transfer by Tera Group companies of stakes in group companies, particularly Pusula Finans Holding, Pusula Portföy Yönetimi, Pusula Yatırım Menkul Değerler and Katılımevim.

Transactions involving Katılımevim shares under scrutiny

According to KAP records, investment funds managed by Pusula Portföy had previously carried out significant transactions in Katılımevim shares. A disclosure dated February 5, 2026, stated that the funds had purchased 3,113,215 nominal KTLEV shares and that the total share of the funds they managed in Katılımevim’s capital had risen from 32.8605 percent to 33.0109 percent.

The investigation is ongoing.

While the detained suspects’ procedures at the police station continue, efforts to apprehend the 10 suspects reported to be at large are also ongoing. The investigation continues on multiple fronts concerning transactions in the capital markets and related financial movements.

Istanbul prosecutors detain 15 suspects in new Katılımevim operation