Turkish police have detained several financial executives in a probe into fund failures regulators have likened to a Ponzi-style scheme. Media reported Tera Holding chairman Emre Tezmen and board members Emre Alkin and Kerem Alkin were detained, and a detention order was issued for Pusula Holding chairman Serdar Turhan. Turkey’s market regulator has ordered liquidation of seven asset management firms and 131 funds totaling about $20bn, including vehicles managed by Tera and Pusula. Large redempt

Turkish police have detained several financial executives in a probe into fund failures regulators have likened to a Ponzi-style scheme. Media reported Tera Holding chairman Emre Tezmen and board members Emre Alkin and Kerem Alkin were detained, and a detention order was issued for Pusula Holding chairman Serdar Turhan. Turkey’s market regulator has ordered liquidation of seven asset management firms and 131 funds totaling about $20bn, including vehicles managed by Tera and Pusula. Large redemptions left some funds unable to meet withdrawals; Tera and Pusula previously announced defaults on certain funds, triggering market panic and sharp equity declines. Justice officials described the episode as Ponzi-like, and Finance Minister Mehmet Simsek said anyone found to have violated rules will be held accountable.