Pavlodar prosecutors identify 139 more victims in HAS pyramid scheme
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Pavlodar region prosecutors identified 139 additional victims of the HAS financial pyramid scheme that operated across Kazakhstan in 2022–2023. The total number of victims now stands at 515, with damages estimated at 3 billion tenge. The case has been sent back to court after further investigation.
Key Facts
- The HAS pyramid scheme operated in Kazakhstan in 2022–2023, promising investors returns of up to 70%.
- Five accomplices were convicted last year and sentenced to prison terms ranging from 6 to 12 years.
- Initially, 376 victims were identified with losses exceeding 2 billion tenge; the updated figures are 515 victims and about 3 billion tenge in damages.
- Confiscated assets include apartments in Astana and Pavlodar, land plots, 18 cars, and more than 300 million tenge.
Investigation Expansion
Pavlodar region prosecutors identified 139 additional victims after the initial conviction of five accomplices. The new investigation was conducted and the case was sent back to court. The state prosecutor presented evidence of the criminal scheme and its consequences for victims. The court agreed with the prosecutor's position and sentenced the guilty parties to lengthy prison terms.
Scheme Mechanics
The organizer was a native of North Kazakhstan region who, with accomplices, attracted funds from residents of Astana, Almaty, Pavlodar, Ekibastuz, and other cities. Investors were promised returns of up to 70%, which was the main method of attracting money. A mandatory condition for investors was the purchase of household goods worth 180,000 tenge. Part of the funds was used to pay interest to investors, but organizers persuaded them to reinvest into the pyramid. Most of the funds ended up in the organizers' pockets.
Asset Recovery
With the new data, the total number of victims reached 515 and damages amounted to about 3 billion tenge. Part of the funds has already been recovered. Property obtained through criminal means was confiscated from the convicted individuals. Confiscated assets include apartments in Astana and Pavlodar, land plots, 18 cars, and more than 300 million tenge.
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Pavlodar prosecutors identify 139 more victims in HAS pyramid scheme
