Prominent Turkish economist Işık Ökte was among 14 people detained on Tuesday in an investigation into alleged stock market manipulation, the private DHA news agency reported, citing prosecutors.
Police from İstanbul’s Financial Crimes Department took Ökte into custody as part of an operation targeting suspected irregularities in transactions on Borsa Istanbul, the country’s main stock exchange.
The İstanbul Chief Public Prosecutor’s Office said in a statement on Tuesday that the investigation was launched over claims that securities traded on Borsa Istanbul had been manipulated. In a statement prosecutors said executives at Investco Holding allegedly laundered illicit profits through the stock market and other investment tools, in violation of Turkey’s capital markets law.
The prosecutor’s office said reports by Turkey’s Financial Crimes Investigation Board and the Capital Markets Board had identified the individuals and companies allegedly involved.
Simultaneous raids were carried out across several locations, and all suspects were taken to İstanbul police headquarters after medical checks, DHA said.
Ökte was seen arriving at İstanbul police headquarters, telling reporters, “We don’t know what’s happening, but they brought us here.”
Ökte, who studied economics and mathematics at Hamilton College in the United States after graduating from Istanbul’s Robert College, began his career in 1994 in Goldman Sachs’ investment banking division. He later worked at Broadway Trading in New York, JP Capital and held senior roles at Finans Invest, Halk Invest and TEB Invest. He now works as a financial consultant and fund manager.
The detentions attracted wide coverage in the Turkish media as Ökte is well known in financial circles and frequently quoted as a market analyst.
Investigations into stock market manipulation at Borsa Istanbul have been ongoing for months, resulting in the detention of dozens of people.