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Tengrinews.kz - The Department of the Financial Monitoring Agency (FMA) in Astana has shut down the financial pyramid scheme Happy Life KZ.
According to the FMA press service, the investigation revealed that a suspect had been attracting investors under the guise of selling dietary supplements from 2016 to 2024, promising returns ranging from 10 to 300 percent for each new participant.
"The entry fee varied depending on the marketing strategy and ranged from 7,500 to 2 million tenge. The total amount of funds collected exceeded 286 million tenge. As a result, the suspect recruited 35 individuals into the financial pyramid," the agency reported.
All victims were pensioners who trusted the enticing promises of easy income, unaware that their savings were being redistributed among other investors.
A financial investigation established that the suspect used the illegally obtained funds to purchase an apartment in an elite residential complex in Astana, valued at 36 million tenge.
By court order, the apartment has been seized. The suspect is under a travel restriction order. The pre-trial investigation is ongoing.
Earlier, the National Bank of Kazakhstan issued a warning about new fraud schemes related to cash-in-transit services.
Read also: "Investment schemes:" Police warns Almaty residents
