ISTANBUL: The Turkish authorities on Wednesday placed into administration a holding company close to the arch foe of President Recep Tayyip Erdogan, in the latest crackdown against his interests.

Acting on a court order, court-appointed trustees took over 19 companies, a foundation and a union connected with Kaynak Holding which is linked to the US-based preacher Fethullah Gulen, state media said.

The new administrators, escorted by anti-riot police, arrived at the headquarters of Kaynak Holding in the Uskudar district on the Asian side of Istanbul to take on their functions early Wednesday, the Dogan news agency added.

The group is accused of financing the organization of Gulen, which calls itself Hizmet (Service) but Turkey regards as a terror group aiming to overthrow the government.

Similar measures have already been taken against a Gulen-linked bank Asya Bank and media holding Koza Ipek which owns two pro-Gulen papers and TV channels.

The authorities now refer to his group as the Fethullah Terror Organization (FETO) but Gulen supporters ridicule the claims, saying their only crime is to oppose Erdogan.

A former close ally of Erdogan, Gulen went into exile in 1999 to escape charges levelled by the former authorities that were eventually dropped.

He built up a vast array of interests in finance, the media and private education as well as enjoying influence in police and judiciary.

The current campaign against Gulen dates back to December 2013 when the government blamed him for sensational corruption allegations against Erdogan’s inner circle and has since accused the ageing preacher, believed to be 74, of trying to overthrow the authorities.