Turkish President Recep Tayyip Erdoğan on Monday vowed that the government would take action against anyone found to have violated the rights and property of the public, citing market manipulation, stock-market schemes and corruption in municipalities.

Speaking at a press conference following a Presidential Cabinet Meeting at the Presidential Complex in Ankara, Erdoğan said the state would stand against those seeking to unlawfully benefit at the expense of citizens.

“Whether through market manipulations, stock exchange schemes, or, as in municipalities, through blatant corruption, whoever infringes upon the rights, wealth or property of the nation will find us and the state standing against them. No one should mistake us for others,” Erdoğan said.

Erdoğan’s remarks came amid ongoing investigations into transactions in Türkiye’s capital markets.

Turkish authorities have recently launched investigations into alleged manipulative transactions involving several companies and investment funds. On Monday, prosecutors ordered the detention of additional suspects as part of the investigations, with seven people linked to Destek Holding and Özata Denizcilik among those targeted, according to Anadolu Agency.

The investigations followed significant turbulence in Türkiye’s investment-fund market. Reuters reported that the BIST-100 index suffered a sharp sell-off earlier in September, prompting regulators to take measures aimed at stabilizing the market, including the liquidation of 131 funds.

Treasury and Finance Minister Mehmet Şimşek said Monday that legal proceedings against those involved in market-disrupting transactions were continuing. He stressed that protecting investment, employment, production and export capacity remained a priority and said authorities would continue taking measures to support market liquidity.

Erdoğan had previously described the capital-markets issue as a problem affecting a limited segment of the fund market and said it did not pose a risk to Türkiye’s financial system or economy.

In his latest remarks, Erdoğan linked the government’s approach to a broader commitment to protecting citizens’ rights and public resources.

He said those who attempt to exploit financial markets or public institutions for personal gain would face state intervention, while stressing that the government would continue pursuing those responsible through legal mechanisms.

The president’s comments also referred to corruption allegations involving municipalities, placing the issue within his broader message that public resources and citizens’ property must be protected.

The Cabinet Meeting, chaired by Erdoğan at the Presidential Complex, addressed a range of domestic and international issues before the president delivered his remarks. (ILKHA)