Istanbul prosecutors trace $15m and €25m transfers to Swiss accounts in fund probe

September 20, 2026 at 09:42 PM2 min

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Istanbul prosecutors identified transfers of $15 million and €25 million to Swiss accounts from executives at Pusula Holding and Pusula Portföy Yönetimi. The transfers were made by Serdar Turhan and Muhammed Yarız, respectively. The findings emerged in an ongoing capital markets investigation.

Key Facts

Serdar Turhan, chairman of Pusula Holding, transferred $15 million from his account to an account in Switzerland.
Muhammed Yarız, chairman of Pusula Portföy Yönetimi A.Ş., transferred €25 million from his account to an account in Switzerland.
Nihat Kırmızı, chairman of the Board of Trustees of Istanbul Topkapı University and chairman of Doğa Sigorta, was detained in the investigation.
The prosecutor's office requested MASAK to examine financial movements of executives and first-degree relatives of Pusula Finans Holding, Tera Yatırım Menkul Değerler, Hedef Holding, and Bulls Yatırım Menkul Değerler.
Serdar Turhan obtained a residence permit in Greece, purchased a luxury mansion there, and bought a villa in Dubai along with a private jet and yacht.

Swiss Transfers

The Istanbul Chief Public Prosecutor's Office identified two large transfers to Swiss accounts during the initial phase of the fund investigation. Serdar Turhan, chairman of Pusula Holding, sent $15 million from his account to an account in Switzerland. Muhammed Yarız, chairman of Pusula Portföy Yönetimi A.Ş., transferred €25 million from his account to another Swiss account. The transfers were detected during the first examinations conducted within the investigation.

Investigation Scope

The prosecutor's office sent a writ to MASAK on September 17 requesting financial data on executives of Pusula Finans Holding, Tera Yatırım Menkul Değerler, Hedef Holding, and Bulls Yatırım Menkul Değerler. The request covers money and crypto asset transfers abroad and all account movements since 2024. The investigation is conducted by the Bureau for Investigation of Financing of Terrorism and Laundering Offenses. Previously, four suspects were arrested and 51 people were subject to travel bans and asset freezes.

Detentions and Assets

Nihat Kırmızı, chairman of the Board of Trustees of Istanbul Topkapı University and chairman of Doğa Sigorta, was detained in the investigation. Serdar Turhan obtained a residence permit in Greece, purchased a luxury mansion there, and bought a villa in Dubai along with a private jet and yacht. Earlier, Serdar Turhan, Emre Tezmen, Alper Öztürk, Emre Alkin, and Kerem Alkin were detained in the capital markets investigation.