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Tengrinews.kz - Authorities have completed an investigation into the head of a credit partnership in the West Kazakhstan Region, who is suspected of embezzling over 150 million tenge in state subsidies, citing the Financial Monitoring Agency (FMA).
According to the agency, the suspect illegally obtained more than 126 million tenge in preferential loans under the “Agrobusiness” program by registering them under a farm he controlled. The funds were later cashed out.
In addition, he allegedly submitted false information to the state database about non-existent livestock in order to receive another 24 million tenge through the national project “Development of the Agro-Industrial Complex for 2017–2021.” Investigators say the suspect used forged documents claiming he had purchased pedigree cows from other farms.
“The suspect used the criminal proceeds to purchase land plots where he built a shopping center and a sauna. To hide the assets, he registered the properties under a relative’s name,” the FMA said.
With court approval, authorities seized assets worth 198 million tenge, including two land plots, a shopping center, a sauna, and an Exeed LX vehicle.
The suspect has been taken into custody.
Scheme for embezzling billions of tenge uncovered: 27 people suspected
