Almaty developer sold 28 paid-off homes to third parties, leaving buyers with 1.4 billion tenge bank debt

September 4, 2026 at 06:45 PM2 min

This digest was compiled by AI from multiple sources — links to the originals are below.

In Almaty, 28 families who paid over 1.3 billion tenge for townhouses in the IRIS residential complex have not received ownership documents. The developer sold the properties to third parties, and 22 of the 28 homes are now pledged to a bank for loans exceeding 1.4 billion tenge. Police are investigating fraud, and three officials are in custody.

Key Facts

28 families paid a total of 1.3 billion tenge for apartments in the IRIS residential complex under preliminary purchase agreements signed in 2021–2022.
In May 2025, buyers learned that developer Topolov had obtained an occupancy permit in 2023 and sold the apartments to affiliated third parties.
22 of the 28 apartments are pledged to a bank as collateral for loans totaling over 1.4 billion tenge.
The bank proposed that buyers repay half of the outstanding debt, with the developer responsible for the remainder.
Three officials are in custody as part of a fraud investigation, with the organizer arrested in January 2026 and two accomplices in June and August 2026.

The IRIS Complex Sales

Buyers signed preliminary purchase agreements for apartments in the IRIS residential complex in Almaty starting in 2021. The developer promised to complete the complex in 2022, but deadlines were repeatedly postponed. In autumn 2023, project representatives said roof, window, and facade work would soon be finished. Buyers received keys in August 2024 and written permission from the developer to begin renovations. Despite moving in and renovating, none of the buyers obtained legal ownership documents.

Developer Resale and Bank Collateral

In May 2025, the 28 buyers learned that developer Topolov had obtained an occupancy permit in 2023 and sold the apartments to third parties affiliated with him. Of the 28 apartments, 22 were pledged to a bank as collateral for loans totaling over 1.4 billion tenge. The remaining six apartments were transferred to a private investor, according to the buyers. The bank proposed that buyers repay half of the outstanding debt, with the developer responsible for the other half. Until full repayment, the homes remain pledged to the bank.

Police Investigation and Arrests

Buyers filed a complaint with police in January 2026. The Almaty Police Department is conducting a pre-trial investigation into large-scale fraud. Three officials are in custody in connection with the case. The organizer of the scheme was arrested in January 2026, and two accomplices were arrested in June and August 2026. The bank's press service said it could not comment due to the investigation but stated that the bank is considered the injured party.