The Financial Monitoring Agency (FMA) has uncovered a scheme involving the illegal issuance of micro-loans through the ‘Aktiv Lombard’ pawnbroker network, which was disguised as a chain of commission shops. Approximately 200 branches were operating across various regions of the country.
According to the agency’s press office, the network’s owner, Sergey Koinov, registered it under the ‘Aktiv Market’ brand in the names of trusted individuals. These outlets ostensibly bought and sold household appliances but in reality issued loans secured against property without a licence.
Furthermore, the commission shops and pawnbrokers operated jointly — in the same premises and with the same staff.
By law, the maximum interest rate on short-term loans (up to 45 days) must not exceed 0.3% per day. However, Koinov’s company provided loans for 15 days at an interest rate of 16.2%, which was more than four times the legal limit.
As a result, hundreds of thousands of citizens, including pensioners and low-income families, became trapped in debt. Over the past two years, the company illegally collected over 3.5 billion tenge from its clients.
To launder the proceeds, Koinov used fictitious contracts with affiliated companies for ‘software support’ totalling 1.9 billion tenge. The money was subsequently transferred to his personal account as dividends.
As part of the investigation, police conducted more than 200 searches across the country and seized physical evidence. The pre-trial investigation is ongoing.
The FMA clarified that the activities of the ‘Aktiv Lombard’ network, which holds a licence from the financial regulator, are not the subject of the pre-trial investigation. Its branches continue to operate.
“The FMA has not closed a single branch, and the collateral property of ‘Aktiv Market’ has not been seized and remains under the control of ‘Aktiv Lombard’,” the statement said.
In addition, the agency is investigating a further 14 cases involving illegal interest rates on micro-loans. 15 individuals are named as suspects.