In the North Kazakhstan Region (NKR), a court sentenced a man to 2 years of restriction of liberty for illegal entrepreneurial and microfinance activity without a licence. According to the investigation, he issued loans under 78 counts, using loan and sale-purchase agreements.
WHAT THE INVESTIGATION ESTABLISHED
During the investigation, officers of the Department of the Agency for Financial Monitoring (AFM) for the NKR established the circumstances of 78 counts of illegal lending.
As a rule, borrowers were citizens who were in urgent need of money and had no opportunity to obtain bank financing.
WHAT SCHEMES WERE USED
The investigation established two lending schemes. In the first case, the parties notarised a loan agreement, but the actual terms of the transaction were not reflected in the document. The stated amount included the funds issued to the borrower and interest for the entire period of loan use, while the repayment of the money was secured by a pledge of property.
In the second case, the loan was disguised as a sale-purchase agreement. The money for the property was not actually transferred, and the property itself was used as collateral for the loan. After the funds were repaid, the agreement was terminated and the property was returned to its owner.
Thus, under the guise of civil law transactions, systematic lending of money at interest and against property collateral was actually carried out.
WHAT DECISION THE COURT MADE
As a result of the illegal activity, criminal income of 774 million tenge was obtained. These funds were used to acquire high-value assets.
By court verdict, 6 flats, a Toyota RAV4 car, a Kawasaki KLX250 motorcycle, as well as securities worth 280 million tenge were confiscated to state revenue.
Rostovshchikov Ye.V. was sentenced to 2 years of restriction of liberty.
The court verdict has not yet entered into legal force.
