In Aktobe, more than 300 shareholders were defrauded. The developer was convicted of fraud on an especially large scale.
According to Informburo.kz, the chairman of the housing cooperative Safina kz, Karimov, promised shareholders of Residential Complex «Safina kz» and Housing Construction Cooperative «StroyService-Region» to build four apartment blocks in the 12th microdistrict and in the Batys-2 area.
It is reported that he collected 2.9 billion tenge from 312 shareholders. He directed part of the funds towards the construction of the promised houses, but later halted the build, unlawfully appropriating the victims' money.
Subsequently, his accomplice - the director of «AktobeKazakhFinance» LLP, Zharaskhanov, informed the shareholders that he was taking on all obligations to complete the construction on these sites and obtained 227 million tenge from 140 shareholders. As a result, none of the houses were completed.
The court sentenced Karimov to imprisonment for a term of 6 years and 8 months, and Zharaskhanov received 6 years' imprisonment.
Those convicted were disqualified from holding leadership positions in commercial and financial organisations for a period of 10 years. The court's verdict has not yet entered into legal force.