The North Kazakhstan Regional Court upheld the sentence of the founder and director of a construction company in a high-profile case involving defrauded investors.
According to the regional prosecutor's office, the accused had previously been punished for the theft of funds from investors in a multi-apartment building under construction in Petropavlovsk. It became known that they spent the money on needs unrelated to construction.
"The state prosecution proved that the fraudsters deceived more than 48 residents of the regional centre, causing damage exceeding 400 million tenge, and secured the conviction of two individuals to actual imprisonment for 6 years", the statement says.
Previously in Aktobe, the chairman of a housing cooperative collected 2.9 billion tenge from 312 shareholders. He directed part of the funds towards the construction of the promised houses, but later stopped the build, unlawfully taking possession of the victims' money.
His accomplice then told the shareholders that he would take on all obligations to complete the construction of these projects and took possession of 227 million tenge from 140 shareholders. In the end, neither of the houses was completed.