The Department of the Agency for Financial Monitoring (AFM) in the Mangystau Region is conducting an investigation into an organised criminal group that ran a structural division of the financial pyramid scheme 'Sax Invest'.
According to the agency's press office, the company presented itself as an investment fund, a holder of securities, financial instruments and other assets, as well as a participant in a global international project for diamond mining in Africa. It is noted that the organisers illegally raised over 9 billion tenge from a thousand investors.
The investigation established that the majority of investments were transferred not to the company's account, but to the personal account of the pyramid scheme's organiser, Mendygaliyev.
Subsequently, the organiser used the money for personal purposes, including gambling at casinos – 2 billion tenge, acquiring a stake in the controlled company 'Blaiciko' – 28 million tenge, purchasing two apartments in Atyrau – 70 million tenge, building a private house in Atyrau – 120 million tenge, a holiday abroad – 377 million tenge, as well as paying for his daughter's education in London – 53 million tenge.
In an attempt to avoid criminal liability, at the beginning of 2023, Mendygaliyev entered into mediation agreements with 143 investors for damages amounting to over 1.2 billion tenge.
Furthermore, he issued guarantee obligations to return money by the end of 2023 to more than a thousand investors, totalling 7 billion tenge. Despite this, the investors did not receive their funds.
In November 2024, Mendygaliyev was placed on the international wanted list. By court order, assets of the suspects totalling 600 million tenge were seized. Among the assets: 4 apartments, 2 private houses, 2 cars, digital assets – 10,000 USDT, as well as securities of JSC 'ForteBank' and JSC 'Halyk Bank of Kazakhstan'.
Ten people have been named as suspects, who ran structural divisions of the financial pyramid scheme in the territories of Astana, Aktobe, Uralsk and Aktau. A pre-trial restraint measure in the form of detention was selected for 7 of the accused.
Recall that a pre-trial investigation into a group of individuals regarding the creation and management of the financial pyramid scheme 'Sax Invest' was reported in October last year.