Criminal proceedingsGeneral informationInvestigation ongoing
A criminal case exists to punish those who committed offences; it does not pay your loss by itself. Even so, the evidence gathered in the criminal file and the assets seized are important for compensation.
In brief
- In connection with the crisis, the Capital Markets Board (SPK) has filed criminal complaints with the Chief Public Prosecutor’s Office against a large number of people. 1 2
- You can file a complaint with the prosecutor’s office or submit the information and documents you hold. 3
- For some offences under the Capital Markets Law, the investigation depends on an application by the SPK, and the status of intervening party in the case is granted to the SPK. Whether investors can join these cases is debated. 4
- For compensation you must separately go to the civil or administrative courts. The criminal proceedings do not by themselves suspend the time limits for compensation. See Deadlines.
Presumption of innocence. No one who is the subject of a criminal complaint or an investigation is considered guilty until a conviction becomes final. For this reason, this site does not name suspects. Accusations on social media or in petitions that are untrue or lack a concrete basis may give rise to legal liability on your part.
Where do the proceedings stand now?
- SPK review and criminal complaintsThe SPK has filed criminal complaints over transactions connected with the funds; it has imposed trading bans on some people and revoked some licences. 1
- InvestigationThe Chief Public Prosecutor’s Office gathers the evidence. Files at this stage may be confidential; investors should not expect to be informed separately.
- Indictment and trialIf the prosecutor’s office finds sufficient suspicion, it draws up an indictment and a criminal case is opened. The court decides whether the offence was committed and on the penalty.
- Seizure and confiscationThroughout the proceedings, assets believed to have been obtained from the offence may be seized; upon conviction, their confiscation may be ordered.
Your rights as an investor
| What can you do? | How? | Caution |
|---|---|---|
| Filing a complaint or providing information | Written or oral application to the Chief Public Prosecutor’s Office or law enforcement. 3 | Rely on concrete facts and documents. Do not make definitive judgements about a person; the phrase “I request that this be investigated” is sufficient. |
| Requesting that evidence be collected | During the investigation stage, a person harmed by the offence may request that specific evidence be collected. 3 | For example, the order records held by the distributor or specific transactions in the fund portfolio. |
| Objecting to a decision not to prosecute | As a complainant, an objection to the criminal judgeship of peace within the statutory period after the decision is served on you. 3 | To exercise this right you must be a complainant. Make sure your address for service is correct. |
| Joining the public prosecution as intervening party | A request to the court to join the proceedings after the case has been opened. 3 | For offences under the Capital Markets Law, the law grants the status of intervening party to the SPK; whether an investor’s request would be accepted is debated. For general offences such as fraud, the position of a person directly harmed is stronger. 4 |
What should a complaint petition contain?
- Your identity, contact details and address for service.
- Which fund, when, from which distributor and how many units you bought (include your fund code).
- The estimated amount of your loss as at that date and how you calculated it.
- What you were told at the time of sale, the documents you were given and the correspondence.
- If you know them, concrete events: date, transaction, document. If you do not, it is sufficient to say “I request to join the investigation covered by the SPK’s criminal complaint as a complainant and request that my loss be investigated”.
- Attachments: purchase receipts, account statements, e-YATIRIMCI printout, interim payment receipt. For the list, see the What should I do? page.
Will the criminal file bring my money back?
A criminal court does not award compensation; a separate lawsuit is filed for compensation. However, the criminal file is important on two points.
- Voluntary repayments: According to press reports, some suspects in the investigation have paid a total of approximately TRY 2 billion into a “voluntary repayment” account opened within the Savings Deposit Insurance Fund (TMSF). Officials stated that these repayments do not mean the suspects accept the charges or that they benefit from effective repentance. 5 At the time of this update we had not found any official rule on how these amounts will be passed on to the funds or investors.
- Evidence: The expert reports and findings in the criminal file can be used as evidence in a compensation lawsuit.
- Confiscated assets: If the Bill is enacted, confiscated assets whose connection with the fund is established by the court will be transferred to the fund rather than to the Treasury; after the liquidation ends, the YTM will distribute these amounts to the unit holders. The reports underlying the SPK’s criminal complaint will also count, for seizure purposes, as reports on assets obtained from the offence. 6 These provisions are not yet in force.
This page is for general information and is not legal advice. Consulting a lawyer before writing a complaint petition is useful for assessing both your rights and the risk of a false accusation. Check that the lawyer is registered with a bar association on the bar roll and read the scam warning.
Sources
- SPK Bulletin 2026/6628 September 2026. Criminal complaints, trading bans and licence revocations on account of transactions in TRHOL shares.
- SPK Press Statement, 6 October 2026Response to allegations concerning Borsa İstanbul warnings; numbers of administrative fines and criminal complaints for 2025-2026.
- Criminal Procedure Code No. 5271 (CMK)art. 158: reporting an offence and complaint. art. 234: the rights of the person harmed by the offence during the investigation stage. art. 237: joining the public prosecution as an intervening party.
- Capital Markets Law No. 6362 (SPKn)The text of the law in force. The relevant articles are indicated separately on each page.
- Press reports, 17 October 2026: TMSF voluntary repayment accountAccording to the reports, some suspects in the fund investigation paid a total of approximately TRY 2 billion into a voluntary repayment account opened within the TMSF; officials stated that the repayments do not mean acceptance of the charges or effective repentance. Secondary source; the official statement could not be reviewed.
- Bill No. 2/3939“Tasfiyesine Karar Verilen Bazı Yatırım Fonları Hakkında Kanun Teklifi” (Bill on Certain Investment Funds Placed in Liquidation). Submitted to the Turkish Grand National Assembly on 9 October 2026 and adopted by the Planning and Budget Committee on 14 October 2026. Not yet enacted.
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