Turkey's Capital Markets Board (SPK) faces a major scandal involving a massive Ponzi scheme. The scheme allegedly locked up 900 billion lira across 455,758 investors. Investment funds Pusula, Tera, and Destek are central to the investigation.
Regulators reportedly ignored warnings received months before the collapse. Investigators are now probing political and bureaucratic ties linked to the funds. A 28-year-old with no financial experience reportedly managed billions of liras.
Authorities suspect funds may have been transferred overseas. Alleged stock manipulation drove some share prices up by 4000%. Officials are now determining how to compensate the affected investors.