Turkish prosecutors have issued detention warrants for 35 people, including the owners of Can Holding and a former university rector, as part of an expanding investigation into Turkey’s largest private conglomerate on accusations of tax evasion, fraud and money laundering, the Anka news agency reported.
The İstanbul Chief Public Prosecutor’s office said the new detentions were based on a recently added financial crimes report from the Financial Crimes Investigation Board (MASAK) and additional evidence indicating that the suspects played “active roles within the criminal organization.”
Gendarmerie teams carried out simultaneous raids in İstanbul, Mersin, Iğdır and İzmir, detaining 26 people so far. Three of the suspects are believed to be abroad, while the search continues for six others.
The people taken into custody include company owners Şakir and Murat Can, their wives Betül Can and Zühal Can and Kenan Tekdağ — the conglomerate’s chairman, who had previously been placed under house arrest. Former Bilgi University rector Remzi Sanver was also detained.
Prosecutors said the suspects are being investigated on allegations of “forming, leading and joining a criminal organization, aggravated fraud, violations of the tax procedure law, fuel smuggling and laundering of criminal proceeds.”
Sanver is a prominent Turkish academic who taught and conducted research at several universities in Turkey and Europe and served as rector of İstanbul Bilgi University from 2011 to 2015.
Sanver later became secretary-general and spokesperson for the board of directors of the Galatasaray Sports Club between 2021 and 2022.
He is also known for his role in the Grand Lodge of Free and Accepted Masons of Turkey, where he previously served as grand master and, as of 2023, had resumed the position.
Alleged tax-evasion network
According to the prosecutors, Can Holding engaged in large-scale tax evasion through a fake-invoice scheme involving the company Enerji Petrol Ürünleri A.Ş. and its subsidiaries.
Records allegedly show “high-value transactions without actual goods movement,” aimed at “avoiding taxes and securing unlawful profit” rather than physical fuel smuggling.
Investigators found financial activity totaling 88 billion lira (approximately $2.1 billion) of unidentified origin in the bank accounts of Can Holding and 121 related companies between 2020 and 2021. Assets belonging to 16 suspects and 121 companies have been seized.
September 11 seizures
The initial operation on September 11 led to the government seizure of 121 companies — including broadcasters Habertürk TV, Show TV, Bloomberg HT and HT Spor, once part of soda ash producer Ciner Holding but acquired by Can Holding in 2024.
The government also seized İstanbul Bilgi University and the nationwide Doğa College network, which were part of the conglomerate’s extensive education portfolio.
The seized companies have been placed under the management of Turkey’s Savings Deposit Insurance Fund (TMSF), a state body that oversees confiscated assets.
The recent wave of corporate investigations and raids has unsettled Turkey’s business community and sparked speculation about the government’s motives.
Can Holding, glassmaker Ciner Group and the İstanbul Gold Refinery are among the latest companies targeted in the probes, which have significantly increased the number of firms placed under the management of the TMSF in the past year.
According to TMSF data, the fund now oversees 1,056 confiscated businesses, up from 675 a year ago, spanning sectors from media, finance and energy to the Kasımpaşa football club.
The fund’s trustees currently manage assets valued at 328 billion Turkish lira ($10 billion) as of early 2025.
The sharp rise in seizures has fueled fears that the anti-corruption investigations are being used to facilitate politically motivated asset transfers and to tighten government control over key parts of the economy.
Since a failed coup in 2016, Turkish authorities have put hundreds of businesses under state control, often citing links to alleged criminal networks or terrorism financing.
Regulations adopted in February expanded the powers of the TMSF, allowing courts to transfer companies to the fund’s trusteeship based on a “strong suspicion” of financial crimes such as money laundering.
Legal scholars and watchdog groups have warned that Turkey’s use of trusteeships and asset confiscations has eroded property rights and created a climate of uncertainty for investors. They argue that the measures have also been used to curb political dissent and bring influential media outlets and schools under tighter state control.
Founded by entrepreneur Zamanhan Can, Can Holding traces its roots to a trading company established in 1972. Can consolidated his businesses under Can Holding in 1986, later relocating its headquarters to İstanbul in 1990.
The conglomerate has since expanded into multiple industries including education, energy, consumer electronics, technology, logistics, healthcare and media.