Turkey freezes ex-minister’s assets over $26m ponzi scheme allegations - Punch Newspapers

Turkey's Family Minister Fatma Betul Sayan Kaya speaks to media after arriving at the Ataturk International airport on March 12, 2017 in Istanbul. A former minister and senior member of Turkish President Recep Tayyip Erdogan's ruling AKP party said late on September 26, 2026 she had submitted her resignation over a massive investment fund crisis. The late night post on X came after days of growing speculation about Betul Sayan Kaya's alleged links to the widening fund scandal, which erupted earlier this month, sparking fears of a liquidity crisis. AFP

Turkish prosecutors have moved to freeze the assets of a former minister and top ruling party official who resigned at the weekend over allegations she profited from an investment fund crisis. In a brief statement late Tuesday, prosecutors said they had sent “a letter concerning the freezing of all assets” of Fatma Betul Sayan Kaya and her husband Ilyas Kaya to “all the relevant institutions”. Turkey has been wrestling with the fallout from an investment fund scandal which erupted earlier this month with the collapse of what officials have described as a “Ponzi-like” scheme. Following days of speculation and allegations by Turkey’s main opposition Yeni Parti that she and her husband made millions trading in such shares, Kaya — deputy head of President Recep Tayyip Erdogan’s ruling AKP — said late Saturday she was resigning. Admitting nothing, Kaya — Turkey’s family minister from 2016-18 — said it was about taking “political responsibility” to ensure that any investigation could be conducted “independently, impartially”.See more Punch stories on Google.Add Punch on Google Earlier that day, Yeni said it was seeking clarification over claims the pair invested 63 million lira ($1.3 million) in April and cashed in their shares in September, earning some 1.3 billion lira ($26.5 million). At a news conference, Yeni’s Gokhan Gunaydın said it was “clear” she had received insider information and pledged the party would unveil more names this week. On Tuesday, Erdogan held a three-hour meeting with economic aides over the fund scandal, after earlier defending his party’s record. Kayode revels in dream Italy debut Turkey arrests refereeing chief, six others over fraud Osun residents lament as food scheme crashes “The AK Party is clean, just as its name suggests; it is a party true to its name. No one can tarnish this party’s purity or stain that cleanliness,” he told party cadres, offering a sharp rebuke to his political opponents. “Without looking at their own pitch-black records, they even try to give us lessons in morality and political ethics. ‘Get lost’, I tell them,” he thundered. The crisis erupted in mid-September when several funds said they were unable to satisfy investor redemption demands, sending Istanbul’s main stock exchange tumbling. A day later, regulators moved in quickly to address the crisis, placing into liquidation seven companies that hold 131 investment funds, whose assets are reportedly worth around $17 billion, with the Capital Markets Board (SPK) saying more than 455,000 individual investors were affected. AFP Kindly share this story:

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