Astana court jails four in Qyran housing complex fraud case

September 10, 2026 at 09:35 AM2 min

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

A court in Astana convicted four employees of International Invest Company IIC of fraud in the sale of property at the Qyran residential complex, sentencing them to eight to nine years in prison. The court also ordered the return of more than 2.2 billion tenge to 35 victims and transferred 78 properties worth 1.3 billion tenge to them.

Key Facts

Four employees of International Invest Company IIC received prison sentences of eight to nine years for fraud in the Qyran residential complex in Astana.
The court ordered the return of more than 2.2 billion tenge to 35 victims and an additional 3.9 billion tenge to International Invest Company.
78 properties worth 1.3 billion tenge were transferred to victims, while 73 properties were retained by bona fide buyers.
Instead of sale contracts, the convicted employees used booking agreements, deposit agreements, and preliminary contracts that were not subject to state registration.
The verdict has not yet entered into legal force.

The Fraud Scheme

The Astana Department of the Agency for Financial Monitoring found that the convicted employees used booking agreements, deposit agreements, and preliminary contracts instead of sale contracts. These documents were not subject to state registration and did not give buyers ownership rights to the property. In the sales office, potential clients were shown mock-ups, technical passports, powers of attorney, and certificates that allegedly confirmed the company's rights to the properties. Clients were offered apartments, non-residential premises, and parking spaces at below-market prices and were assured of the legality of the transactions. Payments were accepted in cash or by transfers to the personal accounts of the scheme participants, and these operations were not reflected in the company's accounting and banking records.

Second Scheme and Court Rulings

The investigation also uncovered a second scheme aimed at embezzling funds from the developer company itself. On behalf of the company, employees concluded fictitious sale contracts with clients and registered ownership rights to the properties, but the money from the transactions did not reach the company's cash desk. The court satisfied the claims of 35 victims for more than 2.2 billion tenge. An additional 3.9 billion tenge was ordered to be recovered in favor of International Invest Company. The verdict has not yet entered into legal force.