The scheme was uncovered by the AFM department for the East Kazakhstan region. Under the pretext of constructing a multi-apartment residential complex, two suspects embezzled 1.8 billion tenge.
In Ust-Kamenogorsk, the criminals entered into fictitious shared participation agreements in construction, defrauding 102 individuals. The construction of the project was prolonged, turning into a long-term construction site, and the residential complex was never completed, despite multiple deadline extensions.
It was revealed that the company violated legislation by not having the necessary permits to attract funds from investors.
By court order, the suspects were arrested and sent to a detention center. To compensate the victims, assets worth 2.3 billion tenge have been seized.
Law enforcement officials emphasize that, in accordance with Article 201 of the Criminal Procedure Code of the Republic of Kazakhstan, additional information is not subject to disclosure.
The AFM urges citizens to thoroughly check the availability of permits from companies offering shared participation in construction and not to invest in projects without a confirmed material and technical base.