(8 January 2026 | Source: Financial Monitoring Agency of the Republic of Kazakhstan)
The Department of the Financial Monitoring Agency (FMA) for the Pavlodar region has resumed the active phase of the investigation into the HAS financial pyramid. The reason for this was new statements from citizens who reported damages totalling hundreds of millions of tenge.
WHAT THE COURT HAS ALREADY ESTABLISHED
Earlier, the court found the organisers of the HAS financial pyramid guilty and sentenced them to prison terms of 6 to 12 years. As part of compensation for damages to victims, assets with a total value of over 1.2 billion tenge were seized.
The list of assets included 4 apartments, 18 cars, 3 land plots, parking spaces, a non-residential premises, as well as funds in bank accounts. Bailiffs have already made payments to victims totalling 300 million tenge.
WHAT WAS PREVIOUSLY REPORTED
In March 2025, a court in Pavlodar passed a sentence on the main episode of the HAS financial pyramid case. It was reported that between 2022 and 2023, the main organiser created and led a criminal group that was involved in raising funds from citizens under the guise of high-yield deposits.
Investors were promised returns of up to 70%, as a result of which 376 citizens in Astana, Almaty, Pavlodar, Ekibastuz, and other localities transferred more than 2 billion tenge to the scheme's participants.
The court found the founder of the financial pyramid guilty and sentenced him to 12 years in prison. The other members of the group also received various sentences and types of punishment.
It was also reported that in April 2023, a group of individuals who organised the 'HAS Holding' financial pyramid in the Pavlodar region was detained. Contracts with investors were concluded on behalf of several legal entities, including Upgrade-AS LLP, Holding AS LLP, KHAS-Logistik LLP, light-AS LLP, and other companies.
NEW STATEMENTS AND ADDITIONAL DAMAGES
Currently, law enforcement authorities have received 125 statements from victims. The total amount of the claimed damages exceeds 821 million tenge. These episodes have served as the basis for expanding the investigation.
PROPERTY REGISTERED IN THE NAMES OF THIRD PARTIES
The investigation has also established that using the investors' funds, the pyramid's organiser acquired A.D.A.M. group LLP along with land plots in the capital. The value of this property is estimated at 525 million tenge. According to the investigation, the asset was registered in the name of an acquaintance to conceal its actual ownership.
By court order, this property has been seized.
CLASSIFICATION OF ACTS
On 6 January of this year, the actions of the suspects were reclassified. They are accused of:
- creating an organised criminal group,
- managing a financial pyramid,
- advertising it,
- legalising money and property obtained through criminal means.
The investigation into the case continues.
APPEAL TO CITIZENS
The Financial Monitoring Agency urges citizens who have suffered as a result of the activities of the HAS financial pyramid to contact territorial departments with their statements.