Bangladesh, Sept. 12 -- On September 11, Turkish authorities seized control of Can Holding, one of the countrys largest media and education conglomerates, citing sweeping allegations of money laundering, tax evasion, and organized crime. The move, which placed 121 of the groups companies under state trusteeship, marks another dramatic escalation in Turkeys fraught relationship between media ownership, business elites, and political power.

The Istanbul Chief Public Prosecutors Office announced that Can Holding, run by brothers Kemal Can and Mehmet Şakir Can, is accused of orchestrating an elaborate financial scheme that channeled illicit funds into its operations. The conglomerates assets include high-profile media outlets such as Ha...