Authorities in Almaty have uncovered a fraudulent scheme involving online microloans in cryptocurrency, where clients were promised favorable terms but received significantly lower payouts, reports infohub.kz.
The Department of the Agency for Financial Monitoring (AFM) in Almaty, together with the prosecutor's office, is investigating fraud disguised as cryptocurrency microloans via the website Alemcredit.com.
According to investigators, potential borrowers were aggressively targeted through social media ads promoting loans on attractive terms. To apply, individuals had to undergo identification, provide personal data, and sign electronic documents.
However, after these procedures, the actual terms of the deal differed significantly from those advertised. Borrowers received amounts much smaller than initially stated, with part of the funds withheld as undisclosed fees and other charges. Information about the full cost of the loan, overpayment amount, remuneration, and penalties was not fully disclosed before the agreement was signed, according to an AFM statement.
Repayments were made through bank cards of third parties, so-called drop accounts. The operation of the website and communication with borrowers relied on a broad infrastructure, including legal entities, telecommunications resources, and technical equipment.
During searches, SIM boxes and a large number of SIM cards used for mass SMS distribution were seized. The investigation is ongoing. Further details are not subject to disclosure under Article 201 of the Criminal Procedure Code.