As part of the judicial investigation conducted by the Küçükçekmece Chief Public Prosecutor’s Office, it was alleged that a criminal organization was established through companies within Can Holding, and that this structure was used to commit crimes such as “aggravated fraud,” “tax evasion,” and “money laundering.”
The investigation was initiated based on reports from the Financial Crimes Investigation Board (MASAK) and audits prepared by financial oversight units. As of September 11, 2025, 121 companies affiliated with the holding were seized, and the Savings Deposit Insurance Fund (TMSF) was appointed as trustee.
Background of the Investigation
The probe was launched following MASAK reports and audit findings that revealed significant unexplained cash inflows into many companies under Can Holding. These amounts were allegedly circulated between affiliated companies through intra-group transfers to obscure their origin. According to the claims, unrecorded transactions and falsified documents were used to reduce tax liabilities.
It was further alleged that a profit-driven structure was formed under the holding, enabling multi-layered actions aimed at laundering income derived from predicate offenses such as fraud, smuggling, and violations of the Tax Procedure Law. In this process, cash capital increases were recorded in companies without actual commercial activity, showing “debts to partners” as the source.
Details of the Operation - (TRT)
These debts were deemed fictitious, and the amounts in this category were treated as if reinvested under Law No. 7256 on Asset Peace. Authorities argued that such practices were contrary to the law’s intent and effectively amounted to laundering proceeds of crime.
Investigators claimed that frequent changes in company boards and the establishment of multiple entities in the same sectors were intended to hinder oversight and distribute responsibility among organization members to evade legal sanctions. Financial flows were directed toward company acquisitions, share transfers, and investments in strategic sectors such as media, education, finance, and energy. This was allegedly intended not only to expand commercial capacity but also to create a perception of legitimacy and credibility. These findings provided the grounds for protective measures over assets and for TMSF’s appointment as trustee.
Company Seizures and Appointment of Trustees
A decision was made to seize 121 companies within Can Holding. The ruling, based on MASAK and financial audit reports, was issued at the request of the Küçükçekmece Chief Public Prosecutor’s Office. The purpose was to prevent the laundering of illicit funds through these companies, safeguard existing assets, and avert potential damages.
Headquarters of Can Holding - (Anadolu Agency)
All seized companies were transferred to the TMSF, which was appointed as trustee. TMSF stated that employees’ rights would be protected, business activities would continue uninterrupted, and creditors’ interests would be observed. Among the seized entities were Habertürk Gazetecilik, Show TV, Ciner Media, Bosphorus Media Group (media sector); Doğa Schools (education); various companies in energy and finance; and significant enterprises such as Turktobacco. This highlighted the broad scope of the intervention, with not only financial but also social and sectoral repercussions.
TMSF emphasized that with its role as trustee, companies’ financial structures and governance processes would be reorganized under principles of transparency and accountability, ensuring continued operations without undermining public trust.
Detention Orders and Suspects
The investigation led to detention orders for 10 individuals, four of whom were apprehended. Those detained included Kemal Can, Mehmet Şakir Can, and Kenan Tekdağ, all reportedly linked to Can Holding.
Prosecutors stated that substantial evidence indicated suspects acted to establish a criminal organization and engage in aggravated fraud, tax evasion, and money laundering.
Notably, intercompany money transfers, unrecorded transactions, irregular capital increases, and falsified documents were among their alleged methods. Arrest warrants were issued for the other suspects who remain at large, while authorities noted the number of suspects could increase as the probe expands.
Official Statements
Throughout the investigation, several public institutions issued statements. TMSF reassured that seized companies would continue operations, employees’ rights would be safeguarded, and third-party creditors’ interests would be respected.
The Ministry of National Education emphasized that educational activities at Doğa Schools would continue without disruption, ensuring no harm to students or parents.
The Council of Higher Education (YÖK) announced that Istanbul Bilgi University was unaffected and academic activities were proceeding normally.
Arrests and Releases
Within the scope of the investigation into Can Holding and its subsidiaries in Istanbul, six suspects were detained. Five were arrested by the Criminal Court of Peace: Devran Çimen, Devran Can, Mehmet Kaya, Kemal Çimen, and Cemal Can.
M. Kenan Tekdağ, Chairman of the Board of Can Publishing Holding, was released under judicial control with restrictions including “house arrest” and an “international travel ban.” The investigation is being carried out by the Küçükçekmece Chief Public Prosecutor’s Office. The suspects face charges of “establishing a criminal organization,” “tax evasion,” “fraud,” and “money laundering.” Detention procedures were executed by the Istanbul Gendarmerie Command.
