The Department of the Financial Monitoring Agency (FMA) of the Abay region has reported the shutdown of the financial pyramid scheme «ELL QUATY».
According to the agency's press service, the organisers presented themselves as the consumer cooperative «HALYK QUATY», attracting citizens with share contributions supposedly for the subsequent purchase of housing and cars in interest-free instalments.
Promotion was carried out via a website and social media, where an image of a "people's cooperative" was created under the slogan “Happiness for every family!”.
After being held administratively liable for the illegal use of the trademark «HALYK», the cooperative changed its name to «ELL QUATY».
The leadership of the structure regularly launched marketing campaigns to expand the number of depositors, including a prize draw for “Sunny Turkey” travel vouchers.
To disguise the cash flows, the organiser registered the LLP «QAZ INFO MARKET» in his own name. It is reported that funds from depositors were channelled through the company’s accounts under the guise of payment for professional, scientific, and technical services that were not actually provided.
According to preliminary data, more than 1,500 people were drawn into the scheme. The total amount of funds contributed amounted to 6.8 billion tenge.
The organiser of the financial pyramid has been taken into custody. The investigation is ongoing.