What Should an Investor Do in a Fund Investigation? Criminal Complaint, Evidence and Case Monitoring
Last updated: 16.10.2026 · Author: Attorney Coşkun Genç, Istanbul cybercrime lawyer
Short answer: In a fund investigation, an investor whose assets have been directly diminished may, as a person harmed by the offence (suçtan zarar gören), file a written criminal complaint (suç duyurusu) with the Chief Public Prosecutor's Office (Article 158 CCP). During the investigation, the investor has the right to request the collection of evidence, to have the file examined through an attorney and to object to a decision of non-prosecution (Articles 153, 173 and 234 CCP). For offences under the Capital Markets Law, an investigation is subject to a written application by the Capital Markets Board (SPK) (Article 115 of the Capital Markets Law). The first step is to gather receipts, contracts, account statements and correspondence in full.
In a fund investigation, an investor is usually faced with two questions: in what capacity can I take part in the file, and what can I request in order to trace my money? This guide explains the investor's rights, the evidence the investor should prepare and how the file should be monitored in criminal investigations concerning investment funds or structures that collect money under the name of a fund. Liquidation payments and civil actions against the bank are the subject of separate guides.
In a fund investigation, is the investor a victim or a person harmed by the offence?
The investor is a person harmed by the offence if his or her own assets have been directly diminished by the alleged act, and a victim if the act was directed at him or her directly. In the settled case law of the Court of Cassation, "being harmed by the offence" is understood as having suffered harm directly from the offence; indirect or potential harm does not confer the right to intervene in the public criminal action (kamu davası). This distinction determines whether the investor will later be able to exercise the rights under Article 234 CCP and Article 237 CCP.
In collective investment undertakings, that is, in funds, persons whose assets have been diminished are expressly recognised as victims in respect of certain capital markets offences. The Criminal General Assembly of the Court of Cassation has defined the victim of the offence of disguised transfer of profits (örtülü kazanç aktarımı) as follows:
"Under repealed Law No. 2499, the victims of the offence are the persons whose profits or assets held in a publicly held corporation were diminished by reason of the disguised transfer of profits. Under Law No. 6362, they are the persons whose profits or assets held in publicly held corporations, collective investment undertakings, or the affiliates and subsidiaries thereof were diminished or prevented from increasing."
Criminal General Assembly of the Court of Cassation, E. 2019/140, K. 2021/477, 14.10.2021
By contrast, not every person affected by a market transaction can become an intervening party (katılan). In a case brought on allegations of market fraud, the 7th Criminal Chamber of the Court of Cassation dismissed the appeal on points of law of a company whose request to intervene had been rejected, on the following grounds:
"It being understood that, in respect of the offence forming the subject of the proceedings, it does not have the status of a person directly harmed by the offence, the right to intervene in the public criminal action brought for the said offence pursuant to Article 237(1) of the Code of Criminal Procedure No. 5271 (Law No. 5271), or the right and authority to appeal on points of law against the judgment rendered for this offence pursuant to Article 260(1) of the same Law…"
Court of Cassation, 7th Criminal Chamber, E. 2024/1452, K. 2026/5390, 27.04.2026
The practical consequence is this: it is not enough to say merely "I suffered a loss" in a criminal complaint. The complaint must set out concretely through which transaction, to whom and on what promise the money was transferred, and how the loss arose directly in your own assets.
Which offences arise in a fund investigation, and what is the role of the SPK?
Where money is collected under the name of a fund, two groups of offences are assessed together: offences against property under the Turkish Penal Code and the special offences under the Capital Markets Law (Law No. 6362). Which of them applies changes who may file a complaint and how the investigation will begin.
- Aggravated (qualified) fraud (Article 158 TPC): In particular, the forms committed through the use of information systems, banks or credit institutions as an instrument (subparagraph (f)) and those committed by persons acting on behalf of a company in the course of its commercial activities (subparagraph (h)); for details, see Article 158 TPC.
- Breach of trust (Article 155 TPC): The basic form is an offence prosecuted upon complaint; the aggravated form, committed by reason of an employment relationship or authority to manage the property of others, is not subject to complaint.
- Market fraud (Article 107 of the Capital Markets Law): Transaction-based and information-based manipulation.
- Unlawful public offering and unauthorised capital markets activity (Article 109 of the Capital Markets Law): Unauthorised collection of funds and the conduct of unauthorised activities.
- Breach of trust and forgery (Article 110 of the Capital Markets Law): Use of assets entrusted to the fund board or the investment institution, disguised transfer of profits and falsification of records.
Embezzlement in crypto-asset service providers (Article 110/A of the Capital Markets Law) was added by Law No. 7518 of 26.06.2024 and is a special offence that can be committed only by the chairperson and members of the board of directors and other personnel of a crypto-asset service provider. A person who appropriates, for themselves or for another, money, instruments serving as money, securities, other property or crypto assets entrusted to them by reason of their duty, or which they are obliged to protect, keep and supervise, is punishable by eight to fourteen years' imprisonment; where the offence is committed through fraudulent conduct aimed at preventing the embezzlement from being discovered, the penalty is fourteen to twenty years' imprisonment. Where the operating licence of a provider has been revoked, the use of the provider's or its customers' resources for their own benefit by natural-person shareholders holding legal or de facto management or control is also deemed embezzlement and carries twelve to twenty-two years' imprisonment. Restitution in kind of the embezzled assets or full compensation of the loss before the investigation begins reduces the penalty by two thirds, and restitution before the prosecution begins reduces it by one half. Because the price of crypto assets can change sharply within a short time, calculating the amount to be returned and the reduction for minor value may be contentious; the victim should therefore document the transfer dates and the values on those dates. The position of those who invested in a crypto platform rather than a fund is assessed separately under this article.
The first distinction to be drawn in a criminal investigation is between an investment loss and an offence. A loss arising from market risk in a fund investment is not in itself an offence; for an offence to exist there must be a specific act, such as fraudulent transactions, coordinated trading that artificially influences prices, misleading information, or the transfer of fund assets to related persons. The size of the liquidated fund, the investor's established loss and the benefit obtained by the perpetrators are also distinct concepts. Criminal liability is personal: board membership, title or kinship does not in itself give rise to liability, and the part each suspect played in which transaction must be shown separately. It is therefore more effective for a criminal complaint to set out the transactions and their dates rather than merely list names.
Capital Markets Law (Law No. 6362) – Article 115
(1) The conduct of an investigation in respect of the offences defined or referred to in this Law shall be subject to a written application by the Board to the Chief Public Prosecutor's Office. This application constitutes a procedural prerequisite.
For this reason, a criminal complaint filed by the investor with the Chief Public Prosecutor's Office does not by itself initiate an investigation in respect of the offences under the Capital Markets Law; it is advisable to send a copy of the petition to the SPK as well. Pursuant to Article 115 of the Capital Markets Law, if a public criminal action is brought, the Board acquires the status of intervening party and is empowered to object to a decision of non-prosecution. For the offences of fraud and breach of trust under the TPC, however, no application by the Board is required.
Recent development: the 2026 fund liquidations
According to the SPK's announcement of 23.09.2026, the Board's Decision-Making Body, by its decisions of 17.09.2026, resolved to liquidate 131 funds belonging to 7 portfolio management companies; according to the records of the Central Registry Agency (MKK), the number of unique investors in these funds is 455,758. The SPK's press release of 06.10.2026 stated that criminal complaints had been filed against 174 persons since the beginning of 2026, 96 of which arose from transactions relating to funds. A liquidation decision is not in itself a finding of an offence; criminal liability is determined in the investigation and at trial.
How is a criminal complaint filed in a fund investigation?
A criminal complaint is filed with the Chief Public Prosecutor's Office or with law enforcement, either in writing or orally to be recorded in minutes (Article 158 CCP). An abstract and general complaint may, pursuant to Article 158(6) CCP, result in a "decision that there is no ground for an investigation" (soruşturma yapılmasına yer olmadığı kararı); the petition must therefore be concrete.
- Draw up a timeline: Set out the first contact, investment dates, amounts, promises and payment requests in chronological order.
- Identify the persons and institutions: The holders of the accounts to which money was sent, the brokerage firm, the portfolio management company, the person who offered you the product, and the telephone numbers, e-mail addresses, websites and application names used.
- Link the loss directly: Show with documents which amount left your assets as a result of which transaction.
- Write down your evidence requests: List one by one the evidence to be requested, such as bank records, brokerage firm and MKK records, IP and subscriber information, and the SPK report.
- Request protective measures: Request the seizure of accounts and assets believed to be proceeds of crime.
- Obtain the registration number: Note the investigation number of the application and the bureau to which it has been assigned; if there is a file elsewhere concerning the same incident, request joinder.
Which documents and evidence should be attached to the criminal complaint?
Every document in the investor's possession determines what the prosecutor's office will request and from which institution. Do not delete digital records and do not settle for screenshots alone; where possible, preserve the original file, the full header information of e-mails and the date and time information of messages.
- ✓Money transfer receipts and bank account statements
- ✓Brokerage firm or bank account statements, fund purchase and sale transaction records and participation unit information
- ✓The signed framework agreement, risk disclosure form, investor information form and the fund prospectus/internal regulation
- ✓Messages, e-mails, presentations and advertisements containing promises of returns
- ✓Names, titles and telephone numbers of the persons you spoke with; call logs
- ✓Website and application addresses, usernames and account screenshots
- ✓Complaints made to the institution and the replies received
- ✓Details of any witnesses and of other investors harmed by the same method
How can the collection of evidence be requested in the investigation, and how is the file examined?
During the investigation phase, the investor may request in writing that the public prosecutor collect evidence. As soon as the public prosecutor learns of circumstances giving the impression that an offence has been committed, he or she is obliged to investigate the truth of the matter and to collect evidence both in favour of and against the suspect (Article 160 CCP); for this purpose, the prosecutor may request information from all public officials (Article 161 CCP).
Code of Criminal Procedure (CCP, Law No. 5271) – Article 234(1)(a)
(1) The rights of the victim and the complainant are as follows:
a) During the investigation phase:
1. To request the collection of evidence,
2. To request copies of documents from the public prosecutor, provided that this does not compromise the confidentiality and purpose of the investigation,
3. Where he or she has no attorney, to request that the bar association appoint a lawyer for him or her in respect of the offences of sexual assault, sexual abuse of children or stalking, the offences of intentional injury, torture or torment committed against women, and offences requiring a penalty of imprisonment with a lower limit of more than five years,
4. Subject to compliance with Article 153, to have the investigation documents and the items seized and taken into safekeeping examined through his or her attorney,
5. To exercise, in accordance with the procedure laid down by law, the right to object to the decision of the public prosecutor that there is no ground for prosecution.
The evidence that is usually worth requesting in fund files is as follows: ownership information and transaction histories of the accounts to which money was sent, brokerage firm and Central Registry Agency records, records relating to transactions in the fund portfolio, SPK audit and examination reports, and access logs relating to the website and the application. For methods of tracing the flow of money, see the guide on tracing where money obtained through crime was spent.
In a file in which money was allegedly collected on the promise of investment, the Court of Cassation listed concretely the inquiries that ought to be carried out:
"…the establishment of the full identity and address details of […], the holder of the account to which the money was sent, and the taking of his or her statement; the conduct of the necessary inquiries concerning those responsible for the website; the obtaining of the bank account transactions; the examination of the correspondence contained in the file; the investigation of whether any other investigation or prosecution files of a similar nature exist concerning the suspects; and, if any, the inclusion in the file of a certified copy of the evidence relevant to this file…"
Court of Cassation, 11th Criminal Chamber, E. 2025/1931, K. 2025/12293, 29.09.2025
The right to examine the file
Pursuant to Article 153(5) CCP, the attorney of the person harmed by the offence also benefits from the file examination rights of defence counsel: during the investigation phase, the attorney may examine the contents of the file and obtain copies of documents free of charge. This authority may be restricted by a decision of the judge if it could jeopardise the purpose of the investigation; however, restriction is possible only for the offences listed in the article, and statement records and expert reports fall outside the restriction. The victim himself or herself may request copies of documents from the public prosecutor pursuant to Article 234 CCP.
Can the investor request seizure and other protective measures?
The investor may request seizure, but the decision rests with the judge (Article 128(9) CCP). Article 128 CCP requires strong suspicion, based on concrete evidence, that the offence has been committed and that the assets were obtained from that offence. The measure may be applied to immovable property, vehicles, bank accounts, rights and receivables, company shares and other assets.
For a seizure decision under this article, a report on the value obtained from the offence is obtained, as relevant, from institutions such as the SPK, the Banking Regulation and Supervision Agency (BDDK) or the Financial Crimes Investigation Board (MASAK); the report is prepared within three months at the latest and may be extended by two months upon request. The article lists, as its catalogue, the offences of breach of trust (Article 155) and fraud (Articles 157 and 158) under the TPC; the offences under the Capital Markets Law are not separately included in the catalogue. For the short-term suspension of the account in cases of aggravated fraud committed through the use of information systems or banks as an instrument, the guide on Article 128/A CCP should also be consulted.
For this reason, a request for seizure based solely on suspicion of market fraud may rest on a contested basis; it is useful for the request to set out facts showing that the same act also constitutes fraud or breach of trust under the Turkish Penal Code. There is also a rule in the investor's favour regarding the fate of seized assets: under Article 55(1) TPC, confiscation of proceeds may be ordered only where the material benefit cannot be returned to the victim of the offence; assets that can be returned to the victim do not pass to the State. Documenting the loss and the amounts paid in the file therefore also forms the basis of any later request for restitution.
How is the investigation file monitored, and how is an objection made to a KYOK?
The investigation is confidential, provided that this does not prejudice the rights of the defence (Article 157 CCP). For this reason, not every document in the investigation file may be accessible to the investor through the UYAP Citizen Portal (UYAP Vatandaş Portal); regular monitoring of the file is therefore usually carried out through an attorney, by means of the right to examine the file and obtain copies of documents under Article 153(5) CCP. In monitoring the file, the investigation number, the bureau in which the file is held, the status of replies to official requests (müzekkere) and any joinder decisions should be checked.
If the public prosecutor cannot find evidence giving rise to sufficient suspicion, he or she issues a decision of non-prosecution (KYOK), and this decision is notified to the person harmed by the offence (Article 172 CCP). The person harmed by the offence may, within two weeks of service of the decision, lodge an objection with the criminal judgeship of peace (sulh ceza hâkimliği) located at the seat of the high criminal court within whose jurisdiction the prosecutor who issued the decision sits (Article 173 CCP). The petition of objection must set out the facts and evidence that may warrant bringing a public criminal action.
The above-mentioned decision of the 11th Criminal Chamber of the Court of Cassation emphasised that the criminal judgeship of peace examining the objection shall dismiss the objection if there is insufficient evidence, shall accept it if there is sufficient evidence, and may decide to extend the investigation if the investigation is incomplete. The Chamber reversed in the interest of the law (kanun yararına bozma) the dismissal of an objection to a KYOK that had been issued on the ground that the investor ought to have known of the possibility of loss and on the basis of an incomplete investigation. It is therefore effective, in the objection, to identify one by one the evidence that has not been collected.
| Step | Time limit | Authority / legal basis |
|---|---|---|
| Complaint for an offence prosecuted upon complaint | 6 months from learning of the act and the offender | Chief Public Prosecutor's Office – Article 73 TPC |
| Objection to a KYOK | 2 weeks from service | Criminal judgeship of peace – Article 173 CCP |
| File examination and copies of documents | Throughout the investigation | Attorney – Articles 153(5) and 234 CCP |
| Intervention in the public criminal action | Until the first-instance judgment | Criminal court – Article 237 CCP |
| Statute of limitations for prosecution | Depending on the upper limit of the penalty (e.g. 8 years for imprisonment of up to 5 years) | Article 66 TPC |
Which time limits must not be missed, and what are the common mistakes?
The most critical time limit is the six-month complaint period for offences prosecuted upon complaint (Article 73 TPC). For example, the basic form of breach of trust is prosecuted upon complaint; even if the act may be characterised as aggravated fraud or aggravated breach of trust, it is risky to wait out the time limit while the legal characterisation remains uncertain. If, during the prosecution (trial) phase, it emerges that the offence is one prosecuted upon complaint, the proceedings shall continue unless the victim expressly withdraws (Article 158(7) CCP).
Common mistakes and exceptions
- A general and abstract petition: A petition that does not state dates, amounts and persons may lead to a decision that there is no ground for an investigation pursuant to Article 158(6) CCP.
- Relying solely on offences under the Capital Markets Law: For these offences, an investigation is subject to an application by the Board; it is necessary to also put forward allegations of fraud and breach of trust under the TPC.
- Relying on indirect harm: A general decline in fund value or a loss of confidence does not by itself confer the right to intervene; direct harm must be documented.
- Missing the notification: The time limit for objecting to a KYOK runs from service; address and National Electronic Notification System (UETS) details must be kept up to date.
- Scattering the evidence: If original records are deleted or the device is replaced, expert examination becomes more difficult.
- "We will recover your money" offers: The SPK has asked investors to take into account only announcements made through official sources; be cautious of persons promising refunds in return for a fee.
Payments to be made from funds in liquidation proceed in an administrative process independent of the criminal investigation. Claims for compensation arising from misdirection by the bank or the distributing institution, on the other hand, are assessed separately before the civil courts.
Filing a criminal complaint does not interrupt the limitation period for compensation claims that may be brought against the bank or the distributing institution. As a rule, compensation claims based on a tort are time-barred two years from the date on which the injured party learned of the damage and of the person liable, and in any event ten years from the date of the act (Article 72 of the Turkish Code of Obligations); where the act constitutes an offence for which criminal law prescribes a longer limitation period, that period applies. Certain special compensation routes have much shorter time limits. These periods must therefore be calculated separately while awaiting the outcome of the criminal file.
For the general framework of how an investigation is conducted with a lawyer, see the article on the investigation process and choosing a lawyer.
Important: This article is for general information purposes only and does not constitute legal advice. In every fund file, the nature of the offence, the complaint period and whether an SPK application exists must be assessed separately. Time limits are strict; calculate the time limit on the day you receive the notification.
Istanbul Fund Crimes Lawyer: Handling the Investigation
In fund investigations, the content of the criminal complaint, the requests for evidence and the monitoring of time limits directly affect the course of the file. Av. Coşkun Genç Law Office provides legal assistance in fund and capital markets investigations conducted in Istanbul, at the stages of the investor's participation in the file as a person harmed by the offence, requests for the collection of evidence and the monitoring of the investigation. In our work as an Istanbul fund crimes lawyer, the distinction between the offences under the Capital Markets Law and the Turkish Penal Code, the exercise of the rights under Article 234 CCP and the time limits for objecting to a decision of non-prosecution are assessed together.
Investors who wish to obtain the assistance of an Istanbul capital markets crimes lawyer may request a preliminary assessment through our contact page, together with their receipts, account statements and correspondence. In fraud allegations where money transfers were made through information systems or banks, our work in the field of cybercrime is also brought into the process.
Sources
- Code of Criminal Procedure (CCP, Law No. 5271), Articles 128, 153, 157, 158, 160, 161, 172, 173, 234, 237 – mevzuat.gov.tr
- Turkish Penal Code (TPC, Law No. 5237), Articles 55, 66, 73, 155, 158 – mevzuat.gov.tr
- Capital Markets Law (Law No. 6362), Articles 107, 109, 110, 110/A, 115 – mevzuat.gov.tr
- Turkish Code of Obligations (Law No. 6098), Articles 72, 154 – mevzuat.gov.tr
- Capital Markets Board (Sermaye Piyasası Kurulu), Tasfiye Konusu Fonlardaki Yatırımcı Sayısına İlişkin Açıklama [Announcement on the Number of Investors in the Funds Subject to Liquidation], 23.09.2026 – spk.gov.tr
- Capital Markets Board (Sermaye Piyasası Kurulu), Tasfiye Süresine İlişkin Basın Duyurusu [Press Announcement on the Liquidation Period], 28.09.2026 – spk.gov.tr
- Capital Markets Board (Sermaye Piyasası Kurulu), Basın Açıklaması [Press Release], 06.10.2026 – spk.gov.tr
- Criminal General Assembly of the Court of Cassation, E. 2019/140, K. 2021/477, 14.10.2021
- Court of Cassation, 7th Criminal Chamber, E. 2024/1452, K. 2026/5390, 27.04.2026
- Court of Cassation, 11th Criminal Chamber, E. 2025/1931, K. 2025/12293, 29.09.2025