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A novel method for obtaining cash is rapidly gaining traction across Kazakhstan. Citizens are increasingly opting to take out consumer loans for household appliances or mobile phones, only to sell these items at a discount to intermediaries for immediate cash.

This practice involves taking out a loan for goods, such as electronics, and then selling them to specialized brokers for 70-80% of their value. The remaining amount, after the commission is paid, is pocketed by the borrower.

Expert Concerns Over Loan Schemes

Financial expert Arman Baiganov has voiced strong concerns, urging the government to rigorously investigate and curb these activities. He suggests that regulations should be tightened to prevent the short-term resale of goods intended for personal consumption.

"The state must strictly curb these intermediaries. Furthermore, it's necessary to amend legislation and strengthen oversight. If a person immediately resells an item bought for consumption, like a TV or mobile phone, within a short period, they should be restricted from doing so for several months. This would effectively shut down these fraudulent schemes," Baiganov stated.

Legal Perspective on the Practice

However, lawyer Sergey Utkin argues that this practice does not legally constitute fraud. He explains that individuals enter into these agreements voluntarily due to urgent financial needs. Those unable to secure direct loans are reportedly using this method to access funds.

"This is their expense, their problem. They willingly sold it cheaply, but they will pay the full price. They were desperate for cash, the bank wouldn't give them a direct loan, so they obtained money this way. It might have been more beneficial than going to a pawn shop or elsewhere. But people seek their own benefit; this is their own issue," Utkin commented.

Utkin believes that the most effective way to regulate this situation is to mandate tax payments for the intermediaries involved, noting that relevant authorities possess the necessary tools to implement this.

Past Cases of Loan Abuse

This trend echoes past incidents. Previously, a criminal group in Astana was convicted for forcing vulnerable individuals, including those with disabilities, to take out loans totaling hundreds of millions of tenge. The perpetrators targeted socially disadvantaged people, offering them loans for various items, including vehicles, promising to cover payments and even assist with existing debts. In reality, they processed loans in the victims' names and disappeared without a trace.

This practice is being reported by Infohub.kz.