14 detained in Borsa Istanbul manipulation probe
ISTANBUL
Turkish authorities have detained 14 officials of Investco Holding over alleged stock market manipulation on Borsa Istanbul that caused artificial price surges and harmed small investors.
All of the detained suspects are accused of violating the Capital Markets Law and laundering proceeds through stock market transactions and other investment channels.
Authorities launched an investigation into stock holdings, targeting Investco Holding, and detained several individuals, including investment expert Işık Ökte.
Ökte studied economics and mathematics at Hamilton College in the U.S. He has held strategic and executive roles at Finans Invest, Halk Invest and TEB Invest, and currently works as a financial adviser and fund manager.
News of the operation triggered sharp declines in related stocks.
Investco Holding shares fell 10 percent to 738 Turkish Liras ($18).
Prior to the probe, Investco Holding shares had surged 324 percent since June 23.
The prosecutor’s office said the investigation continues, with financial authorities examining all relevant reports and transactions linked to the suspects.
