Turkestan: Criminal Group Accused of Embezzlement

Financial Monitoring Agency officers have uncovered a major fraud scheme in the Turkestan region that siphoned 1.9 billion tenge from a state cattle purchase program, Orda reports.

According to Kazakhstan's Financial Monitoring Agency, the funds were allocated through the "Sybaga" state program but were misappropriated using fraudulent collateral schemes.

To implement the scheme, the Credit Partnership 'Yassy-Credit NS' LLP was created in the city of Kentau. Forged documents and fictitious property valuation reports were used, which were allegedly drawn up on behalf of the non-existent Expert Consulting Group LLP, the agency commented.

Investigators say the operation was orchestrated by the chair of the government loan commission, who coordinated the group's activities, assigned roles to participants, and personally prepared fraudulent documentation.

The embezzled funds were allegedly distributed among group members.

Authorities have identified 27 suspects and seized assets worth over one billion tenge. The investigation remains ongoing.

Original Author: Alina Pak