Sahap Kavcioglu, head of Turkey’s Banking Regulation and Supervision Agency (BDDK), has asked President Recep Tayyip Erdogan to accept his resignation as a probe into an investment fund alleged to have engaged in market manipulation expands to senior officials. Kavcioglu said he sought to be relieved to avoid further damage to the regulator. It is unclear whether Erdogan has accepted the resignation. Kavcioglu has not been accused of wrongdoing; the regulator did not immediately respond to reque

Sahap Kavcioglu, head of Turkey’s Banking Regulation and Supervision Agency (BDDK), has asked President Recep Tayyip Erdogan to accept his resignation as a probe into an investment fund alleged to have engaged in market manipulation expands to senior officials. Kavcioglu said he sought to be relieved to avoid further damage to the regulator. It is unclear whether Erdogan has accepted the resignation. Kavcioglu has not been accused of wrongdoing; the regulator did not immediately respond to requests for comment. Arrests in the investigation include an AK Party deputy chair, the CEO of Borsa Istanbul, the former CEO of securities depository Takasbank, and a BDDK deputy head.