Details of the stock market manipulation revealed!

The details of the CMB's criminal complaint regarding the sharp movements in Borsa Istanbul between July and September became clear. It was determined that only one person made a total of 1 billion 421 million 147 thousand 772 lira 46 kurus worth of transactions in the stock markets during the period in question.

While the procedures of 8 people detained within the scope of the investigation initiated on the allegations of transaction-based market fraud in the stock exchange in 4 provinces centered in Istanbul continue, the details of the criminal complaint filed by the Capital Markets Board (CMB) against the suspects have emerged. In the criminal complaint petition submitted by the CMB to the Istanbul Chief Public Prosecutor's Office, it was noted that the price and quantity movements that occurred during the review period between July 1, 2021 and September 21, 2022 in the August and September 2022 futures contracts of the shares related to Akbank, Türkiye Halk Bankası, Şekerbank, Türkiye Garanti Bankası, Türkiye İş Bankası, Türkiye Vakıflar Bankası, Yapı ve Kredi Bankası, Türkiye Sınai Kalkınma Bankası and İş Gayrimenkul Yatırım Ortaklığı, which constitute the Borsa İstanbul AŞ Bank Index, were examined within the framework of the Capital Markets Law No. 6362 and the relevant legislation and a report was prepared accordingly. In the petition, it was stated that the elements of the crime of transaction-based market fraud occurred in the transactions of the suspects A.C.T, B.A, B.A, E.K, H.G, M.A, N.K.K, N.K, P.T. and T.K. in the futures markets of the banking sector shares through the accounts they used. In the petition, it was stated that increasing or decreasing the prices of securities listed on the stock exchange for artificial reasons firstly harms the national economy and secondly harms the financial interests of the persons trading on the stock exchange, and that in order to protect these interests, the prices of the securities purchased and sold on the stock exchange are acted to ensure that the prices of the securities purchased and sold on the stock exchange are formed in a healthy manner within a system that does not give privilege and superiority to anyone, which is publicly realized and always audited. In the petition, it was emphasized that according to the provisions of the CMB, "buying or selling, placing orders, canceling orders, changing orders or making account movements in order to create a false or misleading impression regarding the prices, price changes, supply and demand of capital market instruments" are regulated as market fraud offenses. According to the reports, the petition stated that the suspects were related to each other, gave power of attorney to each other and sent money to each other, and since it was not possible to fully determine the damage suffered by the public as a result of the undermining of market reliability, it was requested to decide to confiscate the benefit obtained by the defendants in accordance with the aforementioned provision. In the petition, considering the manner in which the suspects committed the crime and the danger of transferring the gains obtained by the commission of the crime abroad, a ban on leaving the country was requested. In the petition, it was requested to take into account the provision that if a judicial fine is imposed in the judgment of conviction against the suspects, the amount of the judicial fine in question cannot be less than the benefit obtained by committing the crime, and to issue a decision on confiscation of earnings (confiscation) about M.A.'s company, which is alleged to have provided unfair benefit. On the other hand, it was reminded that the Board had previously filed 24 criminal complaints against M.A., two criminal complaints against A.C.T. and E.A., and one criminal complaint each against N.K. and P.T., and it was requested to take into account that the acts of these individuals against the capital markets legislation were continuous. The Istanbul Chief Public Prosecutor's Office initiated an investigation into allegations of organized and organized irregularities in stock exchange transactions and violation of the Capital Markets Law. Within the scope of the said investigation, an arrest warrant was issued for 10 suspects who were suspected of making unfair gains. Istanbul Security Directorate teams, who started to work to catch these people, organized an operation to 17 addresses located in Istanbul, Ankara, Muğla and Balıkesir. While 8 of the 10 suspects were captured in the operation, 2 suspects were reported to be abroad, and the detained suspects were taken to Istanbul Security Directorate. Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!