The Financial Monitoring Agency (FMA) has reported the shutdown of the "CVK" project, which was marketed as a marketplace. An investigation is currently being conducted by the FMA's territorial departments in 14 regions of Kazakhstan.
HOW THE PROJECT OPERATED
According to the FMA, project participants were offered the opportunity to purchase investment "shops" in various packages with a fixed yield.
To simulate trading activity, supposedly completed orders and shipments of non-existent goods were displayed in personal accounts. Users were credited with virtual interest for this.
WHAT MECHANISMS WERE USED TO ATTRACT PARTICIPANTS
The main focus, as reported by the FMA, was on a referral system. Participants were promised cash bonuses and valuable gifts for bringing in new investors.
According to the agency, due to a large-scale advertising campaign and active promotion in the regions, around 1,500 investors were drawn into the scheme. To promote the project, closed recruitment dinners, festive office openings, and mass presentations were held.
The FMA noted that these events were actively covered on social media and used to build public trust.
WHAT IS KNOWN ABOUT THE MOVEMENT OF FUNDS
As reported by the FMA, the withdrawal of funds was carried out through a cryptocurrency platform, followed by a transfer to bank accounts.
Through operational measures, the agency ensured the freezing of crypto assets amounting to $474,000.
WHAT IS KNOWN ABOUT THE INVESTIGATION
The investigation is ongoing. Other information is not subject to disclosure in accordance with Article 201 of the Criminal Procedure Code of the Republic of Kazakhstan.
The FMA has called on citizens who have suffered from the activities of the "CVK" project to contact the territorial departments of the Agency at their place of residence. A call centre is also available for inquiries at 1458.