Istanbul's mayor arrested, reshaping Turkey's political landscape.

On the 19th local time,FXCM International Foreign Exchange Turkish police raided the residence of Istanbul Mayor İmamoğlu and detained him, accusing him of corruption and assisting a terrorist organization. This incident quickly caused a stir in Turkish politics, led to significant fluctuations in the financial markets, and affected social order.

Police Raid, İmamoğlu Arrested

According to the Turkish prosecutor's office, İmamoğlu was identified as a "suspect leader of a criminal organization," and the police also arrested more than 100 suspects, including several politicians, journalists, and business people. Turkish media reported that he was accused not only of extortion and fraud but also of having connections with the Kurdistan Workers' Party.

Supporters of İmamoğlu expressed strong dissatisfaction with the detention. Turkey's largest opposition party, the Republican People's Party, condemned the action as "an attempted coup against our next president." It was reported that the Republican People's Party had planned to officially announce İmamoğlu as a candidate for the 2028 Turkish presidential election this weekend, and his sudden arrest undoubtedly disrupted this arrangement.

Faced with the accusations, İmamoğlu stated after his arrest, "I will not give up." However, external analysis suggests that the legal dispute could have a significant impact on his political career.

Tensions in Istanbul, Government Tightens Control

Following the incident, the Turkish government quickly took measures to strengthen social control. The Istanbul Governor's Office announced that from the 19th, all demonstrations in the province are banned for four days. Additionally, several metro stations in Istanbul were suspended, and multiple roads were closed to traffic. According to Agence France-Presse, an internet access monitoring agency reported that access to multiple social media platforms in Turkey was restricted shortly after the police raid on İmamoğlu's residence.

Political Turbulence Affects Financial Markets

İmamoğlu's arrest not only caused a stir in the political realm but also impacted Turkey's financial markets. According to the Turkish "t24" news network, after the incident, the Turkish lira to US dollar exchange rate fell to 41.12 lira per dollar, a historic low. Simultaneously, Turkey's main stock index BIST 100 plunged 6.87% at the opening on the 19th, triggering the circuit breaker mechanism, and market confidence was severely hit.

Political Background: İmamoğlu's Rise and Challenges

The 53-year-old İmamoğlu joined the Republican People's Party in 2008 and was successfully elected as the mayor of Istanbul in 2019, winning re-election in 2024. His victory was seen as a significant challenge to President Erdoğan's Justice and Development Party (AKP), which faced its most serious electoral setback in 20 years. With his broad support base, he was considered one of the strongest contenders in the 2028 presidential election. However, his political career has always been accompanied by legal challenges; in 2022, he was sentenced to two and a half years in prison for insulting public officials, but the case is still under appeal.

The day before his arrest, Istanbul University announced the cancellation of his degree, which could affect his future presidential candidacy. According to relevant Turkish laws, presidential candidates must complete higher education. Analysts believe this decision might be a key factor hindering İmamoğlu’s candidacy.

The effects of this incident continue to ferment, and there is widespread concern about İmamoğlu’s judicial developments and the long-term impact on Turkey’s political situation.

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