Turkey moves to liquidate funds at centre of ‘Ponzi-like scheme’

Turkey is initiating the liquidation of 131 investment funds following concerns over a Ponzi-like scheme. Major local banks will sell assets within these funds, which affect approximately 300,000 investors, due to fears of inflated valuations. This move could potentially undermine investor confidence, creating complications for Turkey's ongoing efforts to stabilize its markets and attract foreign capital. The process aims to address the risks associated with the suspected fraudulent structure of these specific investment vehicles.