Developers embezzled 1.8 billion tenge in East Kazakhstan.

“Under the guise of constructing a multi-apartment residential complex, they embezzled funds amounting to 1.8 billion tenge. Two employees entered into false agreements for shared participation in the construction in Ust-Kamenogorsk, ultimately deceiving 102 Kazakhs,” the Financial Monitoring Agency noted.

In reality, the project turned into an unfinished construction site. Despite multiple extensions, the residential complex was never completed.

Contrary to legal requirements, the company lacked the necessary permits to attract funds from investors.

The suspects have been arrested by court order and placed in a detention facility.

“To compensate the victims and ensure the confiscation of assets, property belonging to the suspects worth 2.3 billion tenge has been seized,” the agency explained.