CautionImportant
While hundreds of thousands of people’s money is in liquidation, people may appear who promise victims a “fast payment”, a “priority application” or a “guaranteed lawsuit”. The official process never asks you for money or passwords.
In brief
- No application is needed for the liquidation payment. The payment arrives automatically in your own bank or brokerage firm account. 1
- Do not give anyone your password, SMS code or a photo of your ID.
- Any offer that asks you to deposit money “to speed up your payment” is suspicious.
- Voluntary return accounts are not accounts into which victims deposit money. 2
Warning signs
| What you are told | The actual position |
|---|---|
| “You need to pay an application fee to receive your liquidation payment.” | No application or fee is needed for the liquidation payment. The cash is transferred to your account in proportion to your units. 1 |
| “We can put you on the priority payment list.” | The order of payment is set by Capital Markets Board (SPK) decisions and made according to the records of the Central Securities Depository (MKK). No one can change your place in the order by acting as an intermediary. 3 |
| “We are calling from the SPK, the TMSF or the bank; please confirm your account details.” | Official bodies do not ask for passwords, SMS codes or card details over the phone. Hang up and call the institution’s official number yourself. |
| “Deposit money into this IBAN so that your return account can be opened.” | The Voluntary Return Accounts announced by the SPK were opened so that those who made “excessive gains” from the fund can return those gains voluntarily. An investor who suffered a loss does not need to deposit money in order to receive a payment. 2 |
| “We will definitely win the case and get all of your money back.” | No lawyer or adviser can guarantee the outcome of a lawsuit. A firm promise is a serious warning sign. |
| “Send the fee to my personal account, there is no need for a contract.” | Legal services are obtained under a written contract and with a recorded payment method. |
How do you protect yourself?
- Verify information from the official sourceSPK bulletins and press releases are published at spk.gov.tr, and fund announcements on the Public Disclosure Platform (KAP). 4
- Do not share your personal detailsYour internet banking password, one-time codes sent by SMS, photos of your identity card and card details are never shared with anyone.
- If you will work with a lawyer, check their registrationVerify that the person is a lawyer through the bar roll lookup on the website of the bar association they belong to or of the Union of Turkish Bar Associations. Do not make any payment before signing a written retainer agreement.
- Report anything suspiciousReport an attempted scam to law enforcement or the Chief Public Prosecutor’s Office. You can report websites carrying out unlicensed capital market activities to the SPK; the SPK is able to impose access blocks on such sites. 3
If you have sent money
Call your bank without delay, report the transaction, and apply to the prosecutor’s office, keeping the transaction receipt, the messages and the call records. The earlier you report it, the easier it is to trace the money.
Sources
- SPK Bulletin 2026/6117 September 2026. Decision No. 57/1708: the liquidation procedures and principles (paragraph A), suspension of transactions outside TEFAS (B), the current list of 131 funds (C).
- SPK Announcement, 1 October 2026Voluntary Return Accounts and the General Share Return Account; list of the codes and names of the 131 funds.
- SPK Bulletin 2026/6730 September 2026. Decision No. 64/1770 (order of liquidation for the A1 Capital, Bulls and Pardus funds) and Decision No. 64/1775 (interim payment for the Tera, Pusula, Atlas and Hedef funds).
- Public Disclosure Platform (KAP)Official announcements of the funds and of the liquidation process.
Have a question?
These articles are general information. You can send questions about your own situation through the contact section or by e-mail.
Av. Dr. Mustafa Aykanat · Ankara Bar Association Reg. No 43042 · Yenimahalle, Ankara