The Department of the Financial Monitoring Agency (FMA) of Astana is conducting an investigation into the organisation and management of a structural division of the financial pyramid scheme "Sincere Systems Group LTD" ("S-Group").
According to the agency's press service, the company "S-Group" positioned itself as a British investment fund, allegedly providing trust management services for funds on the Forex market, mining, and trading in internal cryptocurrency tokens SWP and SWCT. Investors were promised returns of 15 to 20% per month or 120 to 180% per annum.
To create the illusion of investment activity, participants were given access to personal accounts on the company's website, which displayed virtual deposits, accruals, and growth in returns. In reality, the funds received from investors were not invested and were used by the suspects for personal purposes.
The amount of damage caused exceeded 136 million tenge. The organisers used the criminal proceeds to purchase two apartments in Astana and two cars. The suspects registered this property in the names of trusted individuals in order to conceal it from potential confiscation.
By court order, the property has been seized. A preventive measure of a written undertaking not to leave the country and to behave appropriately has been imposed on the suspects.
As a reminder, it was previously reported that the FMA Department for the Karaganda Region had completed a pre-trial investigation into the creation and management of a structural division of the financial pyramid scheme "Sincere Systems Group". The amount of damage caused exceeded 52 million tenge.