“Under the guise of constructing a multi-apartment residential complex, they misappropriated funds totaling 1.8 billion tenge. Two suspects entered into fraudulent agreements for shared participation in the construction in the city of Ust-Kamenogorsk, misleading 102 citizens. In reality, the project turned into a long-term construction site. Despite multiple deadline extensions, the construction of the residential complex was never completed,” the AFM report states.
It is important to note that contrary to legal requirements, the company did not possess the necessary permits to attract funds from investors.
The suspects have been arrested by court order and placed in a detention center. To compensate the victims and ensure confiscation, the suspects' assets worth 2.3 billion tenge have been seized.