Department of the Agency for Financial Monitoring (AFM) for the West Kazakhstan Region is investigating a case of illegal lending secured against jewellery without a licence in Uralsk.
A scheme disguised as a pawn shop has been uncovered in the city. According to the investigation, this allowed the requirements for licensing microfinance activities to be circumvented.
HOW THE SCHEME WORKED
According to the investigation, the head of the limited liability partnership "Avans 07" organised the issuance of loans secured against jewellery without the appropriate licence.
The activity was disguised as the pawn shop "Uralsk Gold". Loans were drawn up as commission contracts, and interest was charged as a fee for storing the jewellery.
AMOUNTS AND MEASURES
According to the agency, more than 2,000 loans were issued, and the total income generated exceeded 128 million tenge.
By court order, the suspect's car and cash in the amount of 6 million tenge have been seized.
The final legal assessment of the actions will be determined by the court. The investigation is ongoing.