Turkish authorities arrested former central bank official Erkan Kilimci as part of a widening investigation into an alleged Ponzi scheme, Ekonomi news website reported on Friday.

Turkey arrested the brokerage founder at the center of an investigation into imploded stock funds that have caused billions of dollars of investors’ money to evaporate.

Goldman Sachs Group Inc. analysts said Turkish investors exiting money market funds during a redemption crisis are most likely transferring a majority of their savings to lira deposits.

Turkish authorities on Saturday detained high-profile finance executives as part of an investigation into a “ponzi-like” funds scheme.

Turkey’s sovereign wealth fund bought stocks on Thursday to prop up the nation’s equity market, according to people with knowledge of the matter, the latest move to contain fallout from a crash in the country’s fund management industry.

Turkish citizens piled into some high-profile investment funds in recent years, lured by extraordinary gains that would make many finance professionals pause.

Turkish authorities said several top finance executives were detained while others were given a travel ban, according to a statement on Thursday, as part of an investigation related to mass outflows from some funds this week.

The Turkish central bank left its main interest rate unchanged, signaling policymakers’ caution in balancing a slowdown in inflation with a jump in crude oil prices.

The United States sanctioned Golden Global Investment Bank, a relatively small Turkish firm, as Treasury Secretary Scott Bessent continues his efforts to isolate Iran’s economy after a muted start to a new sanctions effort.

Turkey has launched an investigation into Ahmet Davutoglu, a former prime minister and previous close ally of President Recep Tayyip Erdogan.

A surge of money into Turkish lira assets is creating a dilemma for policymakers, who are weighing how to curb speculative short-term flows without choking off an important source of support for the currency.

Pakistan said six to seven Muslim-majority countries are interested in joining the Mecca Defense Agreement, as top diplomats from Pakistan, Saudi Arabia and Turkey met in Istanbul on Monday to discuss security and military cooperation.

Turkey’s $1.7 trillion economy grew faster than expected in the second quarter despite tightening measures introduced to buffer the economic fallout of the Iran war.

Turkish authorities launched a brief investigation into veteran investor Timothy Ash on allegations of insulting President Recep Tayyip Erdogan. Ash said the case was closed on the same day.

Turkish banks rallied after the central bank lowered borrowing costs earlier than anticipated, paving a path to potentially deliver more interest-rate cuts before the end of the year.

Turkey’s central bank decided to resume weekly repo auctions at its 37% policy rate, a step toward normalizing funding conditions as it bets the worst of the Iran war’s economic fallout has passed.

Tensions between Turkey and Israel flared after the latter was reported to have launched airstrikes on a shuttered air base in northern Syria following a recent visit by a Turkish delegation.

Turkey’s central bank moved its year-end forecast closer to market expectations and admitted to a “partial failure” on inflation in a rare instance of self-criticism.

Turkish investment funds are urging authorities to crack down on unusual trading activity that’s sent some stock prices soaring and has put the nation at risk of exclusion from major equity benchmarks.

Turkey’s annual inflation slowed slightly more than expected in July, but volatile energy prices stemming from the Iran war will compel the central bank toward a cautious outlook.