Turkish authorities ordered the seizure of 121 companies linked to Can Holding, including prominent broadcasters Habertürk and Show TV as well as İstanbul Bilgi University, as part of a wide-ranging criminal investigation, the Stockholm Center for Freedom reported, citing Turkish media.

The court-ordered seizure, announced Thursday, comes as the Küçükçekmece Chief Public Prosecutor’s Office in İstanbul pursues allegations of “establishing a criminal organization,” “smuggling,” “fraud” and “money laundering.”

Authorities have ordered the detention of 10 people, including senior company executives.

The companies have been placed under the management of Turkey’s state-run Savings Deposit Insurance Fund (TMSF), which confirmed that inspections and searches are ongoing at multiple business locations. Prosecutors’ files indicate the case against Can Holding was first opened in 2022.

In a written statement the TMSF said operations targeting the group, including its extensive education holdings, would continue without disruption.

The takeover of Can Holding is the latest in a series of high-profile corporate seizures in Turkey. Since a failed coup in 2016, authorities have put hundreds of businesses under state control, often citing links to alleged criminal networks or terrorism financing.

Critics, including human rights groups and opposition parties, have accused the government of using such measures to punish political opponents and silence dissenting media. In particular, companies linked to the faith-based Gülen movement have been targeted, with the TMSF taking control of schools, banks, media outlets and industrial groups once affiliated with the movement. The TMSF currently manages hundreds of companies seized in connection with criminal or terrorism investigations.

Turkish President Recep Tayyip Erdoğan has been targeting followers of the Gülen movement, inspired by the late Muslim cleric Fethullah Gülen, since corruption probes in 2013 implicated then-prime minister Erdoğan as well as some of his family members and inner circle.

Dismissing the investigations as a Gülenist coup and a conspiracy against his government, Erdoğan began to target the movement’s members. He designated the movement as a terrorist organization in May 2016 and intensified the crackdown on it following the failed coup on July 15 of the same year that he accused Gülen of masterminding. The movement strongly denies involvement in the coup attempt or any terrorist activity.

A 2023 report by the Institute for Diplomacy and Economy estimated that Turkey has seized around $50 billion in assets from more than 1.5 million people since 2016, warning that the scale of the confiscations may constitute “persecution” amounting to crimes against humanity under international law.

More recently, the government has also targeted opposition figures. In March a construction company tied to İstanbul Mayor Ekrem İmamoğlu, a leading figure in the main opposition Republican People’s Party (CHP) and the strongest rival to President Erdoğan, was seized following his detention.

Legal scholars and watchdog groups have warned that Turkey’s use of trusteeships and asset confiscations has eroded property rights and created a climate of uncertainty for investors. They argue the measures have also been used to curb political dissent and bring influential media outlets and schools under tighter state control.

Founded by entrepreneur Zamanhan Can, the holding traces its roots to a trading company established in 1972. Can consolidated his businesses under Can Holding in 1986, later relocating its headquarters to İstanbul in 1990.

The conglomerate has since expanded into multiple industries including education, energy, consumer electronics, technology, logistics, health care and media.

Among its education holdings are Bilgi University and the Doğa College network. In April Can Holding acquired full ownership of Habertürk TV, Show TV, Bloomberg HT and HT Spor from Ciner Holding.

The seizure places one of Turkey’s most diversified business groups under state management, as prosecutors advance a case that could reshape parts of the country’s media, education and energy sectors.

Investigations are ongoing, and it remains unclear how long the companies will remain under TMSF control or whether charges will be formally filed against Can Holding executives.