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A significant financial fraud case has concluded in Shymkent, Kazakhstan, with a court handing down sentences to ten individuals involved in a sophisticated financial pyramid scheme. The operation managed to amass nearly 600 million tenge (approximately $1.3 million USD) from unsuspecting investors before its collapse.

The Pyramid's Operation and Deception

The scheme, advertised through social media channels, promised rapid and high returns on investments. The mastermind, identified only as citizen K., allegedly promoted an "investment project" between 2024 and 2025, accepting funds through both bank transfers and cash. The court heard that K. attempted to conceal their criminal activities and evade responsibility by transferring funds to a witness's account and attempting to provide false testimony.

Role of Accomplices

The remaining nine defendants played crucial roles in facilitating the pyramid's operations. Their responsibilities included providing bank details to new investors, collecting checks, and acting as intermediaries between the organizer and the victims. One of the defendants committed their offense while still a minor.

Sentencing and Penalties

The court found the primary organizer, K., guilty of multiple charges, including the creation of a financial pyramid, money laundering, and bribing a witness. She was sentenced to 10 years in prison, with her assets subject to confiscation. The execution of her sentence has been deferred for one year. The other nine individuals received prison sentences ranging from 2 to 7 years. For six of these defendants, their sentences were also deferred for three years. The defendant who committed their crime as a minor was placed under probationary supervision for one year.

Prohibition on Future Financial Activities

In addition to their prison terms, all convicted individuals are now prohibited from engaging in any activities related to attracting financial funds or investments from citizens. This measure aims to prevent future occurrences of similar fraudulent schemes.

This information was reported by the Infohub.kz news agency.