Sergei Koynov Under Investigation Over Microloan Operation

A large-scale illegal microloan scheme has been uncovered in Kazakhstan, with pawnshop chain owner Sergei Koynov now under investigation, Orda.kz reports.

According to the Financial Monitoring Agency (FMA), hundreds of branches of Aktiv Market posed as consignment shops while actually issuing loans without a license.

The chain's owner, Sergey Koynov, registered companies in the names of trusted individuals, ostensibly buying up goods and equipment. In reality, they were issuing short-term loans secured by property. By law, the maximum interest rate on loans cannot exceed 0.3% per day. But Aktiv Market was issuing loans at 16.2% for 15 days – more than four times the permitted rate,  the FMA stated.

The scheme drew in hundreds of thousands of clients, including pensioners and low-income families, trapping many in debt.

Over two years, the company generated more than 3.5 billion tenge in profit.

Koynov attempted to launder part of his income through fictitious contracts for IT services, and then transferred the funds to his own accounts. More than 200 searches were conducted across the country as part of the case, and evidence was seized. The pre-trial investigation is ongoing,  the FMA added.

Koynov, originally from Astana, presents himself on social media as a successful businessman and investor, with over 684,000 Instagram followers.

Original Author: Zarina Fayzulina