Taha Cakmak, chief executive of Türkiye Sigorta and Türkiye Hayat Emeklilik, two of Türkiye’s major state-owned insurance and financial companies, has been detained again as part of an investigation into capital market violations and investment fund transactions.

The decision was made based on new evidence and witness statements, according to TRT Haber.

Investigators suspect Cakmak of receiving $1 million from Tera Group in exchange for directing Türkiye Sigorta’s funds into investment funds linked to the group.

Authorities are also examining allegations that he may have obtained personal financial benefits through share transactions involving Tera Group and Graintürk. The investigation includes the placement of substantial deposits by the insurance company into Tera-linked funds.

Following the completion of the required procedures by law enforcement, Cakmak is expected to be brought before the prosecutor’s office.