A high-profile executive has been taken into custody by officials in Ankara following a fund-industry crisis that triggered billions of dollars in losses for investors. Emre Tezmen, the chairman of Tera Portfoy, was arrested as part of a widening probe into several investment firms that failed to meet redemption requests, leading to the evaporation of investor capital.

The contagion caused the Turkish stock market to lose ₺1.6 trillion over 12 days, including a 10% weekly decline that marks the steepest crash since March 2025. Regulators have now frozen the assets of executives at four investment firms and ordered the liquidation of 131 funds, while 15 people remain in custody and 25 face prosecution.