Istanbul Chief Prosecutor Freezes $3 Million in Fund Investigation

The Istanbul Chief Public Prosecutor's Office placed a freeze via judicial order on $3 million (approximately 103 million lira (TRY)) in deposits, taking a new measure in the judicial investigation into TERA Portfoy funds. In the investigation file, it was decided to freeze these funds held in the bank account of artist Mustafa Sandal's mother-in-law, Reyhan Sutsurup.

What figures are included in the investigation file?

According to the account statements examined by judicial authorities, Melis Sutsurup Sandal invested in 2026 into the TERA Portfoy-managed TLY fund a total of 13 billion 673 million lira. While total withdrawals from the account reached 15 billion 793 million lira, Sandal's net earnings were calculated at 2 billion 355 million lira. This amount placed Sandal in 1st place on the list of individuals profiting from the fund. Her father, Cihan Sutsurup, invested 3 billion 707 million lira in the same fund, generating a net return of 639 million lira and ranking in 6th place on the list.

How will the process for returning fund earnings work?

During the investigation, an arrest warrant was issued for the father and daughter, who did not comply with summons to testify, and all their assets were seized. Cihan Sutsurup and Melis Sutsurup Sandal, who are abroad, applied to the prosecutor's office through their lawyers, offering to repay the entire profit of approximately 3 billion lira obtained from the fund. Following the repayment request, the prosecutor's office referred the family's attorneys to the management of the Savings Deposit Insurance Fund (TMSF) so that the process could proceed within the legal framework. The exact amount to be repaid and the legal outcome of the effective remorse application have not yet been finalized.

Singer Mustafa Sandal, named in the case file, stated that he has no commercial ties or financial partnership with his wife, Melis Sutsurup Sandal, other than their marital bond. Stating that he has worked in the music industry for 32 years through his own efforts, Sandal announced that he has no financial connection to the fund transactions.

This content is for information purposes only and does not constitute investment advice.