Turkey banking regulator chief offers resignation as $20bn fraud probe widens

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11.11.2026

Turkey banking regulator chief offers resignation as $20bn fraud probe widens — Regulator exits amid scandal

Turkey's financial authorities face mounting pressure as a sprawling $20bn investment fund scandal reaches deeper into the country's regulatory and political establishment. The resignation offer from banking watchdog chief Şahap Kavcıoğlu comes as detentions of senior officials add to concerns over oversight and investor confidence.

Highlights

BDDK head Şahap Kavcıoğlu offered his resignation after three senior officials were detained, including his deputy, amid a widening $20bn fraud probe.
Regulators have ordered the liquidation of 131 investment funds holding assets worth $20bn at peak, impacting more than 455,000 investors.
The crisis threatens investor confidence as Turkey seeks $300bn for climate and energy transition, despite authorities' efforts to contain market fallout.

Resignation follows arrests and expanding probe

As reported by Financial Times, Kavcıoğlu said in a statement on Wednesday that he had asked President Recep Tayyip Erdoğan to relieve him of his duties at the BDDK, saying he wanted "to prevent any further damage" to the regulator.

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