The AFM Department for the Mangystau Region is conducting a pre-trial investigation into the heads of the structural subdivision of the financial pyramid "Sax Invest".
According to the press service of the department, the company positioned itself as an investment fund, a holder of securities, and a participant in a global international project for diamond mining in Africa.
It transpired that "Sax Invest" was not registered and does not have a license to operate on the financial market.
"Its activities had the characteristic signs of a financial pyramid: aggressive and mass advertising in the media and on the internet promising high returns exceeding market levels (up to 24-36% per annum); a lack of any information about the organisation's financial position, its own fixed assets, and other assets", the statement said.
From 2018 to 2022, 1,000 depositors of the regional branch of the financial pyramid invested more than 1 billion tenge in it. Law enforcement officers detained the suspect who managed the structural subdivision of the organisation in the region and placed him in a temporary detention facility.
Earlier, the director of the company "Sax Invest" was detained in Astana. Furthermore, the organiser of the financial pyramid "Sax Invest", S. Mendygaliyev, has been placed on the international wanted list. The pre-trial investigation is ongoing.
For context, it was previously reported that from 2018 to 2022, 3,000 depositors of the financial pyramid "Sax Invest" invested funds amounting to $18 million (nearly 9 billion tenge).