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The police initiated simultaneous raids on 44 different companies in Istanbul and issued arrest warrants against 120 CEO’s.

According to the Turkish press, the investigation is one of the many after-effects regarding the failed coup attempt.

The targeted companies are accused by the government of financing Fethullah Gulen’s organizations.

So far, the police officers initiated searches in the Uskudar and Umraniye neighborhoods. The names of the companies remained private.

Following the failed coup attempt, the Turkish authorities arrested over 17,000 people, while 19,000 were dismissed from their jobs.

Recep Tayyip Erdogan accused Gulen of attempting to infiltrate in several state institutions and building a “parallel structure”, with the final purpose of taking over the state power. Fethullah Gulen denied any allegation.

On Wednesday, authorities searched the companies on the Asian Side of Istanbul and issued more than 83 detention warrants.

Last week, Tayyip gave the United States an ultimatum regarding the preacher’s rendition.

Erdogan stated that the US government have to choose between their partnership with Turkey and his former ally.

The powerful Muslim preacher lives in self-imposed exile in Saylorsburg, Pennsylvania for more than ten years.

“Sooner or later, USA has to make a decision. Is Turkey or Gulen”, said Erdogan.

The Turkish government accused Gulen and his terrorist sympathizers of putting together the coup attempt on July 15. Tayyip said the coup was the work of “Gulenists”. The preacher condemned the coup, although he conceded that some of his sympathizers might have been involved.