Suspect in 2.5 Billion Tenge Cash-Out Scheme Extradited From South Korea
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A man suspected of involvement in an organized criminal group that allegedly cashed out more than 2.5 billion tenge through shell companies has been extradited from South Korea to Kazakhstan, Orda.kz reports.
Kazakhstan’s Financial Monitoring Agency (AFM) identified the suspect as Ulan Baibolov. He had been placed on an international wanted list and was returned to Kazakhstan with assistance from Interpol. A court ordered that he be held in custody.
How the Alleged Scheme Worked
According to investigators, members of the group acquired companies and registered them under nominee directors. They allegedly used the companies’ bank accounts to conduct financial transactions, submitted false tax records and withdrew money in cash.
Sphere LLP was allegedly one of the companies used in the scheme.
Members of the group cashed out more than 2.5 billion tenge through the company’s accounts, while additional taxes assessed exceeded one billion tenge, the AFM said.
According to the agency, Baibolov became deputy director of Sphere LLP in 2014.
Original author: Alina Yelgeldina
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