, the state-run Anadolu news agency reported on Friday, citing a statement from the İstanbul Chief Public Prosecutor’s Office.){kind=link}
İstanbul prosecutors have expanded their investigation into Investco Holding, with a court putting 20 additional companies linked to the group under the management of the Savings Deposit Insurance Fund (TMSF), the state-run Anadolu news agency reported on Friday, citing a statement from the İstanbul Chief Public Prosecutor’s Office.
The İstanbul 10th Criminal Court of Peace issued the decision after Investco Holding itself was placed under a trustee earlier this month as part of an expanding criminal probe into alleged stock market manipulation and money laundering carried out by the Bureau for the Prevention of Money Laundering and Terrorist Financing.
Prosecutors said the new interventions were needed after investigators found that many companies within the group had become non-operational due to detentions, resignations and the inability of corporate boards to convene.
According to the statement, several executives under investigation have been arrested, others have resigned and routine public disclosures and official correspondence have halted, disrupting commercial activity across the group.
Authorities said the measure was taken “to preserve financial stability and ensure the proper conduct of the investigation.”
In a separate announcement cited by Anadolu, the prosecutor’s office said four more companies were put under TMSF control as part of a large investigation into five alleged drug trafficking networks accused of using encrypted communication platforms to coordinate shipments.
Prosecutors issued detention warrants for 120 suspects, seized 636 properties, 168 vehicles and a luxury yacht, and froze partnership shares in 97 companies.
Authorities said suspects in the networks facilitated the transport of more than 24 tons of narcotics in operations inside and outside Turkey.
The four companies linked by prosecutors to the alleged proceeds from drug trafficking are Diamond Group Emlak ve Danışmanlık Ltd Şti, Karci İç ve Dış Ticaret Ltd Şti, Mavi Okyanus Denizcilik Ltd Şti and Karcı Lojistik AŞ.
The increasing action against Investco follows earlier steps under Turkey’s Capital Markets Law targeting alleged criminal organization activity and money laundering through stock trades.
On November 4 courts seized the assets of Hat Holding and Investco Holding and appointed TMSF as trustee. The case led to multiple detentions, including former police officer and stock trader Nihat Özçelik. Thirteen people were arrested, and six others, including economist Işık Ökte, were released under judicial supervision. Police detained 11 more suspects in a second series of arrests on September 27.
Investco Holding, founded in 2011, operates in renewable energy, mining, chemicals, steel, software and venture capital. It owns or controls several other companies, including Verusa Holding and Pan Teknoloji, and has offices in London and the United States under the name Investat Holding. Board chairman Mustafa Ünal appeared on Forbes Türkiye’s 2024 list of billionaires with an estimated fortune of about $1.1 billion. Investco’s shares have been publicly traded on the Istanbul Stock Exchange since 2022.