Turkish ex-minister arrested in stock manipulation probe

Fatma Betul Sayan Kaya, a former Turkish minister, was arrested Thursday night in Ankara. Authorities are holding her pending a possible trial on charges of membership in a criminal organization. They also accuse her of violating the country's Capital Markets Law. The state news agency Anadolu confirmed the detention.

Kaya served as the Minister of Family and Social Affairs from 2016 to 2018. She stepped down as vice president of President Recep Tayyip Erdogan's ruling Justice and Development Party in September. That resignation came shortly after reports emerged that she had sold shares worth tens of millions of dollars. The sales occurred just before regulators decided to liquidate several investment funds due to suspected market manipulation.

The main opposition party in Turkey claims Kaya received 2.17 billion lira, or about 43 million dollars, from the funds. Reports say she initially invested 163 million lira, or roughly 3 million dollars, in one of the vehicles. Her husband was released following a second round of questioning. He must report to police regularly as a condition of his freedom.

The couple has denied any wrongdoing. Local press reports indicate they have transferred part of their gains to a bank account designated by regulators. Justice Minister Akin Gurlek stated this week that more than 430 people are under investigation for market manipulation and insider trading. Of those, 112 have been detained so far.

The probe continues as authorities examine the flow of funds and the timing of the sales. Kaya remains in custody while legal proceedings move forward. No specific date has been set for her initial court appearance.