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Symbolic image: Head of Turkey's banking regulator resigns amid investment fund scandalSymbolic image

Head of Turkey's banking regulator resigns amid investment fund scandal

5 sources

Şahap Kavcıoğlu, head of Turkey's banking regulator, said on Wednesday he had submitted his resignation to President Erdoğan after allegations, which he denied, of links between the authority and an investment fund scandal. The Financial Times puts the fraud at $20bn, and FAZ reports that more than 450,000 investors lost money.

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