Lawmakers Demand Crackdown on Fraudulent Loans, Blame Bank Employees

Kazakhstan's parliamentarians say an organized crime network is behind a wave of fraudulent loans taken out in citizens’ names — and they believe employees of second-tier banks are complicit, Orda.kz reports.

In a formal inquiry to Prime Minister Olzhas Bektenov, the National Social Democratic Party highlighted how loans are being issued using forged or invalid powers of attorney — sometimes retroactively or without any documentation — and without biometric verification or the borrower’s consent.

According to lawmakers, dozens of victims from different regions, especially East Kazakhstan, reported being sent to specific bank branches and managers who facilitated the fake loans. Deputies say they already have lists of implicated bank staff and intend to pass them to law enforcement.

They asked the Ministry of Internal Affairs to investigate the role of bank employees and legally assess each case involving falsified documents. They also urged the Agency for Regulation and Development of the Financial Market to tighten protections by:

• Verifying powers of attorney
  
• Mandating biometric identification
  
• Establishing clear procedures for responding to fraud

Deputies also want legislation that would allow immediate cancellation of loans issued without citizens’ knowledge or consent.

Without decisive and coordinated action, this problem will only worsen, threatening not only confidence in the banking system but also the stability of public institutions, the inquiry warns.

In response to public scrutiny, Kaspi Bank, ForteBank, Eurasian Bank, and Alatau City Bank issued a joint statement about the investigation.

The banks said they have received no official notice from the Aqmola Region Prosecutor’s Office that their employees are under suspicion. They expressed willingness to cooperate but urged authorities to avoid public claims that could harm their reputations.

Original Author: Artyom Volkov