Allegations of Fund Fraud in Borsa İstanbul and 'Mustachioed Foreigners'

According to an article written by columnist Kubilay Gülbek, controversial stock transactions and fund fraud at Borsa İstanbul are allegedly backed by Turkish investors—referred to as 'mustachioed foreigners'—who made unjust gains through companies and accounts abroad. Prosecutors and MASAK are tracking the money flow in question.

Attention has turned to foreign investment accounts amid controversial stock transactions and alleged fund fraud at Borsa İstanbul. Columnist Kubilay Gülbek suggested that certain transactions conducted through international financial institutions were actually backed by Turkish investors. While allegations were raised that these individuals, referred to in financial circles as "mustachioed foreigners," gained billions of dollars unjustly through companies and investment accounts abroad, prosecutors and MASAK are working to trace the money flow. In his article, Gülbek also touched upon the role of international financial institutions, offshore accounts, and the possibility of foreign intelligence connections.

It is stated that domestic fund fraudsters are behind the companies that purchased large amounts of shares in the Turkish stock market and transferred the papers shortly before the fund fraud was exposed, thereby generating approximately 14 billion dollars in unjust gains. It was alleged that Ünsal Ban transferred 100 million liras abroad via Tera Yatırım's offshore accounts and laundered this money at the Switzerland-based financial company Century City Securities. It is noted that this money was re-introduced into the system by purchasing fraudulent shares in the Turkish stock market through the same company, that this traffic was organized by Emre Tezmen, and that Dubai-based Me Performaa Management was shown as a second company.

Meanwhile, Merrill Lynch International, a UK-based company owned by Bank of America, is involved in this process through Sub Accounts custody accounts and Omnibus Account pooled pool accounts. It is stated that individuals with dirty capital opened investment accounts at Merrill Lynch with funds they took abroad and invested in the Turkish stock market, and that the CMB (SPK) and MKK could not see the real persons behind these accounts, accepting them as foreign investor accounts. As a result of fraudulent operations, it is thought that all shares were exited en masse and Turkey's loss is approximately 14 billion dollars. While prosecutors and MASAK experts investigating the incident are working to identify the mustachioed foreigners and bring the money back to Turkey, the share of foreign secret services among the centers directed from abroad is also being investigated.