Court Hearing for Financial Pyramid Scheme Case

In a significant development, the Almaty Prosecutor's Office has sent a criminal case to the Almalinsky District Court of Almaty, involving a complex financial pyramid scheme operated by the organization Mudarabah Capital. The case implicates a number of high-profile individuals, including Kurmangaliyev, Burkanov, Rakhimova, Cha, Rustemov, Kassenov, Sultanbaev, Sherniyazov, Turebaev, Zharmukhamed, Mansurov brothers Erlan and Erjan, and two suspects, Oraz and Saidybayev, who remain at large internationally.

Vlogger Azimjan Saidybayev is also a suspect in the case, joining Meirzhan Turebaev and Meirzhan Sherniyazov, who were detained in April 2022 in connection with the financial pyramid. The suspects are accused of creating and managing the financial pyramid as part of an organized criminal group.

The organization Mudarabah Capital was recognized as a financial pyramid, leading to severe consequences for many of its investors. In April 2022, one of Mudarabah Capital's depositors set herself on fire in front of the Ministry of Internal Affairs building in Nur-Sultan, losing around 20 million tenge after investing in the financial pyramid.

In an effort to seize assets linked to the suspects, 41 immovable properties, three vehicles, nine bank accounts, and various shares in the capital of 16 companies have been seized in the case. The case will be prosecuted by a procedural prosecutor.

Persons not charged on-site in the criminal case regarding the creation and management of a financial pyramid by the Almaty Prosecutor's Office are reportedly associated with countries such as Russia, the United Arab Emirates, and Turkey regarding their likely whereabouts. The case serves as a stark reminder of the dangers of unregulated financial investments and the importance of due diligence.