The crisis has affected over 455,000 investors and $19 billion in assets, with regulators halting 131 funds and making 56 arrests. Norway's $2.3 trillion sovereign wealth fund is now linked to the epicenter of the scandal as a key investor in an IPO underwritten by Tera, the brokerage firm at the heart of the manipulation probe. The Norwegian fund also holds $208 million in 10 Turkish companies currently under investigation.
Wednesday, October 21, 2026
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Turkey Asks Profiting Investors to Return Gains for $20B Fund Loss
Global Markets19 days ago
The Turkish government proposed a plan requiring investors who earned excessive returns in the stock market to return those profits to reimburse those who lost money in fraudulent investment funds. The proposal seeks to address losses of approximately $20 billion caused by Ponzi-like schemes, serving as a mechanism to provide funds to thousands of investors whose capital remains trapped in frozen accounts.
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