The Astana Police Department is investigating a case based on complaints from investors in the Zhana Arka residential complex regarding incidents of fraud.
According to the press service of the city prosecutor's office, the developer raised funds from citizens for the construction of the residential complex without the necessary permits and in violation of legal requirements.
As a result of their actions, 300 families suffered losses amounting to around 4 billion tenge. Under the coordination of the prosecutor's office, the suspect was detained and placed in custody by court order.
The investigation is ongoing, and the necessary expert examinations have been commissioned.
The Astana Prosecutor's Office urges citizens, before purchasing a home, to check for the availability of a permit to raise funds from equity holders, in order to avoid losing their investments and to protect their rights.
For context, it was previously reported that, as of August, the share of the 'shadow' market in shared construction in Kazakhstan stood at 62.5%. This data was provided by Kazakhstan Housing Company (KHC).
Of the 606 construction sites in 19 major cities across the country, only 227 (37.5%) had permission from the local akimat or a guarantee from KHC to raise funds from equity holders.