ISTANBUL (Realist English). Turkish law enforcement authorities have detained Ertan Aydın, former chief political adviser to President Recep Tayyip Erdoğan and former MP from the Justice and Development Party (AKP). Aydın was detained in Ankara and then brought to Istanbul as part of an investigation by the Istanbul Prosecutor’s Office into suspicious capital market transactions.
What is known about the detention
Aydın was among five people detained on October 22 during the latest stage of the investigation. In addition to him, the following were taken into custody: Fahri Uğur, assistant general director of the insurance companies Türkiye Sigorta and Türkiye Hayat Emeklilik; Seda Tarım Kocabalkan, deputy general director of Tera Holding; Abdullah Dal, head of the investment company KUYAS Yatırım; and Hakan Eryılmaz. With these detentions, the total number of individuals involved in the case has reached 31 — all warrants issued by the prosecutor’s office have been executed.
Reasons for the investigation
The case was prompted by reports and written submissions from the Capital Markets Board of Turkey (SPK). The Istanbul Prosecutor’s Office is examining transactions in shares of four companies: Işıklar Enerji ve Yapı Holding, Vişne Madencilik, Odine Solutions, and Tera Finansal Yatırımlar Holding. The investigation is being conducted by the prosecutor’s unit for combating terrorist financing and money laundering.
Investment fund crisis
The detentions are taking place against the backdrop of a crisis in the Turkish stock market. In September 2026, the Istanbul Stock Exchange index lost more than 8% due to problems at investment funds whose assets were invested in illiquid stocks. A mass outflow of funds led to the liquidation of 131 funds with assets of about $18 billion. Aydın previously held a senior position at Tera Yatırım Teknoloji Holding A.Ş. but left that post.
Who is Ertan Aydın
Aydın served as Erdoğan’s chief political adviser in 2012–2014, when Erdoğan was prime minister. In 2015, he was elected as an MP from the AKP. Aydın is known as one of the authors of the party’s 2023 election strategy and the political concept “Century of Türkiye” (Türkiye Yüzyılı). He had previously been banned from leaving the country as part of this same investigation; he has stated that he was unaware of the problematic funds and had not invested in them.
The Aydın case is not merely an episode in a financial investigation. It touches a figure directly linked to Erdoğan’s political strategy and the ruling party. The detention of the former chief adviser to the president on money laundering and market manipulation charges creates an unwelcome backdrop for the authorities amid economic turbulence.
At the same time, the scale of the operation — 31 detainees, including heads of investment companies and insurance structures — indicates an attempt by the regulator to demonstrate toughness against financial abuses. The key question is whether the case will remain within the framework of a financial investigation or acquire a political dimension, given Aydın’s status and his closeness to the president’s inner circle.
