Former Turkish Minister Detained in Investment Fund Probe
Former Turkish family minister Fatma Betul Sayan Kaya has been remanded in custody as investigators examine an alleged multi-billion-dollar investment fund scandal.
An Istanbul court ordered her detention on Friday on charges of violating capital markets law and belonging to an organisation formed to commit crimes, state news agency Anadolu reported.
Kaya served as family minister from 2016 to 2018 and was a deputy chair of President Recep Tayyip Erdogan’s ruling AKP until recently. She resigned from the party on September 26 after the opposition Yeni party accused her of profiting from transactions linked to the scandal.
A Yeni lawmaker had called for an explanation of allegations that Kaya and her husband made millions by selling shares before the dispute became public, prompting questions about possible insider trading.
The investigation began after the scandal emerged in mid-September. Prosecutors are examining claims of widespread market manipulation that may have affected the savings of nearly half a million investors.
Justice Minister Akin Gurlek said on Tuesday that 112 people had been jailed pending trial. He also said investigators had uncovered what he described as a “comprehensive criminal network” reaching into senior levels of Turkey’s financial markets.
