Joining a Criminal Case in Turkey as a Foreign Investor (2026): Complaints, Access to the Investigation File, Objecting to Non-Prosecution and Participating-Party Status under the Criminal Procedure Code

A foreign investor harmed by market manipulation or fund fraud in Turkey does not have to watch the criminal case from outside. Under the Criminal Procedure Code No. 5271, a person harmed by an offence may file a complaint, ask the prosecutor to collect evidence, have its lawyer inspect the investigation file and obtain copies free of charge, object within two weeks to a decision not to prosecute, join the public prosecution as a participating party at any time until judgment at first instance, and appeal independently of the prosecutor. Capital markets offences add one special rule: an investigation into an offence defined in the Capital Markets Law requires a written application by the Capital Markets Board (SPK), which then becomes a participating party itself. This guide explains each step, the deadlines and the practical choices for institutional investors affected by Turkey’s 2026 fund and manipulation cases, and why the criminal file is often the key to proving loss in a civil damages claim. It reflects the legislation in force on 25 October 2026.

Why the criminal file matters to a damages claim

In Turkey’s 2026 fund and market-manipulation cases, prosecutors and SPK experts are analysing trading records, account links, fund flows and company disclosures across dozens of listed companies and funds. No single investor could assemble that evidence alone. For an investor seeking compensation, the criminal file is therefore not a sideshow; it is usually the best source of proof of who did what, when, and with what effect on prices.

Turkish civil procedure has no pre-trial discovery in the common-law sense. The criminal process fills part of that gap: a person harmed by the offence can have its lawyer inspect the file and obtain copies, ask for evidence to be collected, take part in hearings and appeal. It also matters for recovery. Assets of suspects can be seized during the investigation, and proceeds of an offence are confiscated by the State only where they cannot be returned to the victim (Turkish Criminal Code Art. 55(1)).

The civil routes themselves, including disclosure liability under Article 32 of the Capital Markets Law and its six-month limitation period, are explained in Prospectus and Disclosure Liability in Turkey; the overall picture for institutional shareholders is in Norway’s Wealth Fund and Turkey’s Market Manipulation Crisis.

Victim, person harmed, complainant, participating party

The Criminal Procedure Code uses several related terms. Understanding them avoids confusion when reading decisions and deadlines.

In market-manipulation cases the protected interest is the proper functioning of the market and the investors’ confidence in it. Whether an individual investor who traded on the exchange is a person harmed by a particular manipulation offence is decided by the court on the facts of the case. An investor that bought the manipulated shares during the manipulation period and suffered a loss when the prices collapsed is in the strongest position to show that it was harmed.

Filing a complaint

A complaint about an offence can be filed with the Chief Public Prosecutor’s Office or with the law enforcement authorities (Criminal Procedure Code Art. 158(1)). A complaint filed with a governor’s office, district governor’s office or court is forwarded to the prosecutor (Art. 158(2)). It can be made in writing, or orally to be recorded in minutes (Art. 158(5)). Turkish embassies and consulates may also receive complaints about offences committed abroad that must be prosecuted in Turkey (Art. 158(3)), but offences committed on Borsa Istanbul are committed in Turkey, and a foreign investor’s complaint is normally filed by Turkish counsel with the competent prosecutor’s office.

A complaint must be specific. If it is clear without any inquiry that the act complained of is not an offence, or the complaint is abstract and general, the prosecutor decides that there is no need to open an investigation; that decision is notified to the complainant and can be challenged under the objection procedure of Article 173 (Art. 158(6)). A complaint by an institutional investor should therefore identify the issuer, the period, the transactions or disclosures concerned, the persons involved where known, and the investor’s own trades and loss.

Once the prosecutor learns, by complaint or otherwise, of circumstances suggesting that an offence has been committed, he or she must immediately begin investigating the facts to decide whether to bring a public prosecution, and must collect and preserve evidence both for and against the suspect (Art. 160).

The SPK condition for capital markets offences

Offences defined in, or referred to by, the Capital Markets Law follow a special route. An investigation into them requires a written application by SPK to the Chief Public Prosecutor’s Office, and that application is a procedural condition (Capital Markets Law Art. 115(1)). When a public prosecution is brought on SPK’s application and the indictment is accepted, a copy is served on SPK and SPK becomes a participating party (Art. 115(2)). Prosecutors may use SPK’s professional staff in the investigation (Art. 115(3)), and SPK may object to a decision not to prosecute (Art. 115(4)).

Two practical consequences follow for investors:

• A complaint alone does not open a Capital Markets Law investigation. For manipulation (Art. 107), insider dealing (Art. 106) and the abuse-of-trust offences in Article 110, an investor’s complaint puts facts on record and can be added to an investigation opened on SPK’s application, but SPK’s application is still required. In the 2026 cases many investigations are already open on SPK’s applications, which are announced in its weekly bulletins.
• General offences follow the ordinary route. Conduct may also amount to offences under the Turkish Criminal Code, such as qualified fraud or abuse of trust, which do not require SPK’s application. Whether the facts are characterised as market manipulation or as fraud affects the procedure and the penalty, a question discussed in our Turkish guide on fraud versus market manipulation.

Rights during the investigation

During the investigation, a victim or complainant has the rights listed in Article 234(1)(a) of the Criminal Procedure Code:

These rights must be explained to victims and complainants and recorded in minutes (Art. 234(3)). Procedural steps in the investigation are confidential, unless the law provides otherwise and without prejudice to the rights of the defence (Art. 157), which is why the right to copies is subject to the confidentiality and purpose of the investigation.

Access to the investigation file

Article 153 governs the defence lawyer’s access to the file, and Article 153(5) extends the same rights to the lawyer of the person harmed by the offence. The lawyer may inspect the file during the investigation and obtain copies of the documents free of charge (Art. 153(1)).

That access can be restricted, but only within limits. On the prosecutor’s request, a judge may restrict it if inspection could endanger the purpose of the investigation, and only in investigations into the offences listed in Article 153(2): among them, forming an organisation to commit crimes (Turkish Criminal Code Art. 220), embezzlement under Article 160 of the Banking Law No. 5411, and offences under the Anti-Smuggling Law No. 5607. Market manipulation under the Capital Markets Law is not itself on the list, but where an investigation also concerns an alleged criminal organisation, a restriction order is possible. Even then, the minutes of statements of the arrested person or suspect, expert reports and minutes of other judicial acts at which those persons are entitled to be present cannot be restricted (Art. 153(3)). Once the court accepts the indictment, the lawyer may inspect the whole file and the preserved evidence and obtain copies of all minutes and documents free of charge (Art. 153(4)).

Expert reports are the most valuable part of a manipulation file for a civil claimant, because they analyse price formation, account relationships and the benefit obtained. The rule that expert reports cannot be withheld under a restriction order is therefore important for investors.

Objecting to a decision not to prosecute

At the end of the investigation, if the evidence does not create sufficient suspicion to bring a public prosecution, or prosecution is not possible, the prosecutor decides not to prosecute. The decision is notified to the person harmed by the offence and to a suspect who has been questioned, and it must state the right to object, the time limit and the competent authority (Criminal Procedure Code Art. 172(1)).

The person harmed may object within two weeks of service of the decision to the criminal judgeship of peace in the place where the assize court in whose jurisdiction the prosecutor serves is located (Art. 173(1)). The period was fifteen days until Law No. 7499 changed it to two weeks in 2024. The objection must set out the facts and evidence that would justify a public prosecution (Art. 173(2)). If the judgeship needs the investigation to be extended, it may ask the prosecutor’s office to do so; if it finds no sufficient grounds, it rejects the objection with reasons and orders the objector to pay the costs (Art. 173(3)); if it finds the objection well founded, the prosecutor must draw up an indictment and file it with the court (Art. 173(4)). The procedure does not apply where the prosecutor has exercised a discretion not to prosecute (Art. 173(5)).

After a decision not to prosecute, a public prosecution for the same act can be brought only if new evidence sufficient for prosecution is obtained and a criminal judgeship of peace so decides (Art. 172(2)); the same rule applies if the objection is rejected (Art. 173(6)). In capital markets cases, SPK has its own right to object (Capital Markets Law Art. 115(4)).

Joining the prosecution as a participating party

The victim, natural and legal persons harmed by the offence and persons with financial liability may join a public prosecution at any stage of the first-instance proceedings until judgment, by declaring that they are complainants (Criminal Procedure Code Art. 237(1)). An application to join cannot be made for the first time on appeal; however, applications that were made at first instance and rejected or not decided are examined on appeal if they are expressly raised in the appeal (Art. 237(2)).

The application is made after the public prosecution has been brought, by petition to the court or orally in a hearing recorded in the minutes (Art. 238(1)). If a person states during the hearing that he is a complainant, the court asks whether he wishes to join (Art. 238(2)). The court decides whether the application is admissible after hearing the prosecutor, the defendant and defence counsel (Art. 238(3)).

Joining does not stop the proceedings, and hearings already scheduled go ahead even if the new participating party cannot be summoned in time (Art. 240). Decisions given before joining are not served on the participating party, and its right to challenge them expires with the prosecutor’s time limit (Art. 241). A participating party may appeal independently of the prosecutor, and if a decision is reversed on its appeal, the prosecutor takes the case up again (Art. 242). Participation ends if the participating party withdraws or dies; heirs may join to pursue its rights (Art. 243).

Rights during the trial and on appeal

In the prosecution stage, a victim or complainant has the rights in Article 234(1)(b): to be notified of the hearing, to join the public prosecution, to request copies of minutes and documents, to request that witnesses be summoned, and, provided it has joined, to appeal against decisions concluding the case. Under Article 260(1), appeals against judges’ and courts’ decisions are open to the prosecutor, the suspect, the defendant and those who have become participating parties, and also to persons whose application to join was not decided or was rejected, and to persons harmed by the offence in a way that would allow them to become participating parties.

Effective repentance: where the victim gains leverage

Effective repentance works differently depending on which offence is charged, and the difference matters to victims. For trade-based market manipulation, the offender reduces or avoids punishment by paying to the Treasury twice the benefit obtained, and not less than TL 500,000 (Capital Markets Law Art. 107(3)). That payment goes to the State, not to investors.

For general property offences under the Turkish Criminal Code, including abuse of trust and fraud, the rule is different. If, after the offence is completed but before a prosecution begins, the offender, instigator or accomplice personally shows remorse and fully remedies the victim’s loss by returning the property or paying compensation, the penalty is reduced by up to two thirds; if this happens after the prosecution has begun but before judgment, by up to one half (Turkish Criminal Code Art. 168(1) and (2)). Where the loss is only partly returned or compensated, effective repentance applies only with the victim’s consent (Art. 168(4)).

The consent requirement gives a victim who has joined the case real leverage in negotiations over partial repayment. In fund cases where the facts may also be charged as abuse of trust or fraud, an institutional investor that is a party to the case is in a position to use it.

Language, documents and witnesses

Criminal proceedings in Turkey are conducted in Turkish, so complaints, petitions to join and objections are filed in Turkish by Turkish counsel, and supporting documents in other languages are filed with translations. The power of attorney should expressly cover acting as complainant and participating party in criminal proceedings, in addition to civil claims, and corporate authority documents should be prepared at the same time; a document executed abroad in a state party to the 1961 Hague Apostille Convention is apostilled rather than legalised. Notices are served at the address given in the complainant’s petition or recorded statement (Criminal Procedure Code Art. 235(1)), so the Turkish counsel’s address is normally given. A victim heard as a witness is subject to the rules on witnesses, except the oath (Art. 236(1)); for an institution, the officers who managed the positions may be asked to explain the trading.

Seized assets and recovery

The criminal process is also where assets are frozen. During the investigation, immovable property, rights and receivables of suspects can be seized and a trustee can be appointed to manage them where necessary (Criminal Procedure Code Art. 128, including paragraph 10). Where there is strong suspicion that an offence is being committed within a company’s activities and it is necessary to uncover the truth, the judge or court may appoint a trustee to run the company; the decision is announced in the trade registry gazette and by other suitable means (Art. 133(1)).

At the end of the case, the Turkish Criminal Code provides for the confiscation of material benefits obtained through the offence, but only where they cannot be returned to the victim (Art. 55(1)). For the funds ordered into liquidation on 17 September 2026, Law No. 7596, approved by parliament on 22 October 2026 and awaiting publication in the Official Gazette, provides according to its reported text for recovery accounts and for the collection of fund losses from portfolio management companies and persons identified by SPK. For shareholders of listed companies, recovery runs through civil judgments enforced against the assets of the liable persons, which is why the timing of civil claims and the status of seized assets should be followed together.

How the criminal case interacts with civil claims

The criminal court decides on guilt; it does not award the investor its damages. Compensation is claimed in the civil courts, and the civil limitation periods run independently of the criminal case:

• claims for false, misleading or incomplete prospectuses and public disclosures are barred six months after the loss (Capital Markets Law Art. 32(6));
• tort claims against the manipulators are barred two years after the claimant learned of the loss and the liable person, and in any case ten years after the act; if the act is a crime with a longer limitation period, that period applies (Turkish Code of Obligations Art. 72(1)), and for manipulation, which carries imprisonment of up to five years, the criminal limitation period is eight years (Turkish Criminal Code Art. 66(1)(e)).

Waiting for the criminal judgment before filing a civil claim is therefore risky. The usual approach is to stop the civil clock in time, through mandatory mediation where it applies and a partial claim that can later be increased, and to use the evidence from the criminal file as it becomes available.

A practical plan for institutional investors

1. Map holdings against SPK bulletins to identify which issuers and periods are the subject of SPK applications and trading bans.
2. Instruct Turkish counsel with a power of attorney covering criminal proceedings as complainant and participating party, as well as civil claims.
3. File specific complaints with the competent prosecutor’s offices, attaching the investor’s trade records for the relevant issuers and periods.
4. Ask for the evidence that matters to the investor’s loss to be collected and preserved, and have counsel inspect the file and obtain copies, including expert reports.
5. Diarise the two-week objection period for any decision not to prosecute served on the investor.
6. Apply to join each prosecution as soon as the indictment is accepted, identifying the shares, period and loss.
7. In parallel, stop the civil limitation periods, especially the six-month period for disclosure claims.
8. Track seizures and trustee appointments affecting the defendants and the issuers concerned.

Common mistakes

• Relying on SPK to represent the investor. SPK participates for the market; the investor must join in its own name to appeal and to be heard as a party.
• Filing a general complaint. An abstract and general complaint can be closed without investigation (Art. 158(6)); specify issuers, periods, transactions and loss.
• Missing the two-week objection period. It runs from service of the decision not to prosecute (Art. 173(1)).
• Waiting until the appeal stage to join. An application to join cannot be made for the first time on appeal (Art. 237(2)).
• Waiting for the criminal judgment before suing. Civil limitation periods, especially the six months under Capital Markets Law Art. 32(6), continue to run.
• Ignoring restriction orders. Where a restriction order is in place, insist on access to statements and expert reports, which cannot be restricted (Art. 153(3)).

Frequently asked questions

Can a foreign institution join a criminal case in Turkey?

Yes. Natural and legal persons harmed by the offence may join a public prosecution at any stage of the first-instance proceedings until judgment (Criminal Procedure Code Art. 237(1)). Nationality is not a condition; the court decides whether the applicant was harmed by the offence.

Can an investor’s complaint start a market-manipulation investigation?

Not on its own. An investigation into offences under the Capital Markets Law requires SPK’s written application to the prosecutor (Art. 115(1)). A complaint puts the facts on record and can be added to an investigation opened on SPK’s application.

Can our lawyer see the investigation file?

Yes. The lawyer of the person harmed has the same file-access rights as defence counsel: inspection and free copies during the investigation, and full access once the indictment is accepted (Art. 153(1), (4) and (5)). Access can be restricted only in investigations into listed offences, and never for suspects’ statements and expert reports (Art. 153(2) and (3)).

How long do we have to object to a decision not to prosecute?

Two weeks from service of the decision, to the criminal judgeship of peace in the seat of the competent assize court (Art. 173(1)). The objection must set out the facts and evidence justifying a prosecution.

Is it too late to join once the trial has started?

No. Joining is possible at any stage of the first-instance proceedings until judgment. It is not possible for the first time on appeal (Art. 237).

Does SPK’s participation protect our interests?

Only indirectly. SPK becomes a participating party automatically when the indictment is accepted (Capital Markets Law Art. 115(2)), but it does not represent the investor. To appeal and to be heard as a party, the investor must join itself.

Can a participating party appeal if the prosecutor does not?

Yes. A participating party may appeal independently of the prosecutor (Art. 242(1)). Appeals are also open to persons whose application to join was not decided or was rejected, and to persons harmed in a way that would allow them to join (Art. 260(1)).

Will the criminal court award us compensation?

No. Compensation is claimed in the civil courts, where limitation periods run independently. The criminal file is used as evidence in the civil claim.

What happens to assets seized from suspects?

They remain under seizure, and may be managed by a trustee, while the case continues (Art. 128). At the end, proceeds of the offence are confiscated only where they cannot be returned to the victim (Turkish Criminal Code Art. 55(1)).

Does effective repentance help investors?

It depends on the offence. In trade-based manipulation the payment goes to the Treasury (Capital Markets Law Art. 107(3)). In abuse of trust and fraud, the offender must return the property or compensate the victim, and partial compensation counts only with the victim’s consent (Turkish Criminal Code Art. 168).

Is there a cost risk in objecting to a decision not to prosecute?

Yes, a limited one. If the criminal judgeship of peace finds no sufficient grounds for a prosecution, it rejects the objection with reasons and orders the objector to pay the costs (Criminal Procedure Code Art. 173(3)). A well-documented objection, setting out the facts and evidence as Article 173(2) requires, reduces that risk.

Can our officers be called as witnesses?

Yes. A victim heard as a witness is subject to the rules on witnesses, except the oath (Art. 236(1)). For an institution, the officers or managers who handled the positions may be asked to explain the trading and the loss.

Related guides

• Turkey’s 2026 Fund and Market Manipulation Crisis: Legal Guide for Foreign Institutional Investors — the entry point to this series: which route fits which exposure, liable parties and deadlines
• Turkish Bond Defaults: Bondholders’ Boards and Enforcement
• Continuous Disclosure in Turkey: Inside Information and Delayed Disclosure
• How a Securities Lawsuit Proceeds in Turkey
• Limitation Periods for Investor Claims in Turkey
• Concealed Profit Transfers and Controlling Shareholder Liability
• Claims Against Brokers, Custodians and Portfolio Managers in Turkey
• When a Turkish Issuer or Broker Becomes Insolvent
• Obtaining and Preserving Evidence in Turkey for Securities Claims — preservation, document production and the criminal file
• Shareholder Rights in Turkish Listed Companies after the 2026 Crisis — general meetings, release, annulment and exit rights
• Insider Dealing in Turkey: Capital Markets Law Article 106 — trading on non-public information
• Calculating Damages in Turkish Securities Claims — loss, interest and currency
• Suing in Turkey or Abroad: Jurisdiction and Enforcement — forum choice and enforcement of foreign judgments and awards
• Suing Turkey’s Capital Markets Board (SPK) — challenging SPK decisions and supervisory failure claims
• Suing Directors and Auditors of Turkish Listed Companies — board members, managers and audit firms
• Can Foreign Investors Bring a Class Action in Turkey? — joint claims, consolidation, association actions and assignment
• Freezing Assets in Turkey for Investor Claims — precautionary attachment, interim injunctions and criminal seizure
• Norway’s Wealth Fund and Turkey’s Market Manipulation Crisis — all routes available to institutional shareholders
• Market Manipulation under Turkish Law: Capital Markets Law Article 107 and SPK Enforcement — the offence and SPK’s measures
• Prospectus and Disclosure Liability in Turkey — civil claims and the six-month limitation period
• Representing Foreign Institutional Investors in Turkish Capital Markets Disputes — who may act, powers of attorney, fees and confidentiality
• Legal Guide for Foreign Investors in Turkey (Türkiye) 2026 — the full English-language guide
• Norveç Varlık Fonu “Mağduruz” Dedi — Turkish-language analysis for investors (in Turkish)
• Sermaye Piyasası Suçlarında Katılan ve Mağdur Hakları — with a sample petition to join (in Turkish)
• Elkonulan Mallar Fon Mağdurlarına Nasıl Dönecek? — seized assets and recovery (in Turkish)
• Fon Yöneticisi: Dolandırıcılık mı, Piyasa Dolandırıcılığı mı? — fraud versus market manipulation (in Turkish)