An investigation has been completed in the Abai region into the management of Dala SK Construction LLP and several affiliated companies, which illegally raised funds from citizens under the guise of shared-equity construction.
According to the press service of the Agency for Financial Monitoring (AFM), over two years the company built residential complexes without permits, design and estimate documentation, state expert review, or architectural supervision.
To attract buyers, the perpetrators placed advertisements on internet platforms offering flats at below-market prices and the possibility of interest-free instalment plans.
In reality, of the six planned towers of the Irtysh Riverside residential complex, only the frame of one building was constructed.
In October last year, Dala SK Construction LLP was already held administratively liable under three articles of the Administrative Code of the Republic of Kazakhstan — for illegal construction, carrying out work without design and estimate documentation, and operating without permits. The court ordered construction to be suspended.
Despite court rulings, the company’s management continued to mislead citizens, maintaining the appearance of a successful project and placing new advertisements for flat sales. As a result, 64 citizens were made to sign fake reservation contracts.
The total amount of illegally raised funds exceeded 1 billion tenge. According to the investigation, the money was transferred to accounts of other affiliated companies in Ust-Kamenogorsk, where illegal construction was also taking place.
To protect the interests of affected equity holders and compensate for damages, a seizure was imposed on the suspects’ property: two flats, ten land plots, and six cars. The scheme’s organiser was taken into custody.
Earlier, the AFM department for the Mangystau region completed an investigation into the heads of Ozen Machine-Building Plant LLP, who are suspected of illegally raising funds from citizens under the guise of shared-equity construction. The total amount of illegally raised funds exceeded 303 million tenge.