Scheme for embezzling billions of tenge uncovered: 27 people suspected

Tengrinews.kz - The Financial Monitoring Agency has disrupted the activities of an organized crime group in the Turkestan region.

According to law enforcement, the criminals embezzled 1.9 billion tenge from the state budget using fictitious collateral.

"The group employed a fraudulent scheme to obtain subsidized loans under the state 'Sybaga' program aimed at subsidizing the purchase of cattle. For this purpose, they established 'Yassy-Credit NS' Credit Partnership LLP in the city of Kentau and used forged documents and fake property appraisal reports issued on behalf of the non-existent 'Expert Consulting Group' LLP," the statement reads.

It was noted that the scheme's organizer, who also served as the chairman of the commission reviewing state loan applications, coordinated the participants' actions. He was responsible for identifying potential accomplices, assigning roles, overseeing the processing of fictitious loans, and instructing the search for individuals to formalize documents. Additionally, he monitored monthly payments and participated in drafting false reconciliation reports. The stolen funds were distributed among group members.

"Currently, 27 individuals have been identified as suspects in the criminal case. Moreover, the suspects' assets worth over 1 billion tenge have been seized," the statement added.

Earlier, as a result of operational activities in Almaty, employees of the Department of Combating Organized Crime, together with the National Security Committee, coordinated by the prosecutor's office, have dismantled the illegal activities of a security company, whose unofficial workers were members of the criminal underworld.