Turkish police raided Tera Holding and detained its deputy general manager, İbrahim Bekci, as part of an operation targeting financial executives on Wednesday. Authorities also searched the premises of Destek Holding and its subsidiaries, including Destek Finans and Destek Kripto Varlık, resulting in the detention of the company's chairman. A travel ban was simultaneously issued for the chairman of Tera Holding.

The arrests occur as Turkey’s market regulator liquidates funds run by seven asset management companies, including Tera Portfoy and Pusula Portfoy. This crackdown follows a series of market declines in September that triggered a circuit breaker on the Borsa Istanbul 100 Index and saw the Turkish lira hit a record low of 49.65 per dollar.