The head of Turkey's banking watchdog has submitted his resignation amid an investment fund scandal.
Turkey's banking watchdog chairman Sahep Caucioglu tendered his resignation to President Recep Tayyip Erdogan on Wednesday amid allegations linking the Banking Supervision and Supervision Agency (BDDK) to the country's investment fund crisis.
Kavcioglu has denied allegations that he invested funds under investigation or accepted bribes, saying the BDDK had no involvement in the crisis. His announcement followed the arrest and incarceration of several senior officials in the agency pending trial for alleged irregularities in capital market transactions involving investment funds.