In the Turkistan region, 27 members of an organized crime group were sentenced for embezzling over 3 billion tenge in budget funds. The court handed down prison terms ranging from 6 to 8 years to each convict based on their role in the criminal scheme, according to inbusiness.kz.
According to case materials, between 2016 and 2021, the management of KT Yassy Nesie LLP organized a large-scale fraudulent scheme aimed at embezzling funds from Agrarian Credit Corporation JSC, which had been allocated under an agribusiness support program for the purchase of cattle.
Group members used dummy individuals to register fictitious farms and individual entrepreneurs. Loan applications were backed by forged business plans and documents, as well as non-existent collateral. Credit specialists prepared fake documents to create a semblance of lawful loan issuance. Appraisers and collateral specialists produced fraudulent valuation reports, confirming the existence of property that either did not exist or did not match the stated value. Notaries certified the fake documents for a fee.
The investigation established 33 instances of criminal offenses, 24 fictitious loans were issued, and 54 non-existent items were presented as collateral. By court order, 19 residential houses, 10 land plots, 2 apartments, 4 commercial premises, and 4 cars were confiscated to the state. The verdict has not yet entered into legal force.