Turkey: Five arrested over manipulation of banking shares
Five people were jailed pending trial in Turkey on Tuesday over alleged manipulation in transactions of banking shares on the Istanbul stock market, Turkey’s state news agency Anadolu reported.
An investigation of the prosecutor’s office found out that a total of 10 people made high-volume transactions in banking stocks and futures contracts in Borsa Istanbul, giving the impression of high demand and artificially raising prices.
Consequently the banking shares have surged more than 150% since the start of the year until mid-September, before falling sharply in recent weeks, allowing the manipulators to realise a 2.5 billion lira ($135 million) profit.
Three of the eight suspects detained at the weekend were released, with one to be kept under house arrest and the two others forbidden from leaving the country, Anadolu said.
Two other suspects were already abroad.