Astana court convicts four in Qyran housing fraud case

September 10, 2026 at 10:20 AM2 min

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A court in Astana convicted four employees of TOO International Invest Company IIC for fraud in the sale of apartments in the Qyran residential complex. The court sentenced them to prison terms of 8 to 9 years. The ruling also ordered compensation of over 2.2 billion tenge to 35 victims.

Key Facts

The court sentenced four employees of TOO International Invest Company IIC to prison terms of 8 to 9 years.
The court ordered compensation of over 2.2 billion tenge to 35 victims and 3.9 billion tenge to TOO International Invest Company.
Victims were transferred 78 properties worth 1.3 billion tenge, and 73 properties were transferred to bona fide buyers.
The convicted employees used unregistered booking agreements and preliminary contracts instead of sale-purchase contracts.

Fraud Schemes

The convicted employees offered apartments, non-residential premises, and parking spaces at below-market prices in the Qyran residential complex. Instead of sale-purchase contracts, they signed booking agreements, deposit agreements, and preliminary contracts that were not subject to state registration and did not grant ownership rights. In the sales office, they showed potential buyers mock-ups, technical passports, powers of attorney, and certificates that allegedly confirmed the company's ownership of the properties. Victims paid in cash and by bank transfer to the personal accounts of the scheme participants, and these transactions were not reflected in the company's accounting and bank documents.

Second Scheme and Compensation

The convicted employees also carried out a second fraudulent scheme aimed at stealing funds from the developer company itself. On behalf of TOO International Invest Company IIC, they concluded fictitious sale-purchase contracts with clients and registered ownership rights, but the money from the sales did not reach the company's cash desk. The court satisfied the claims of 35 victims for over 2.2 billion tenge and ordered the recovery of 3.9 billion tenge in favor of TOO International Invest Company. The verdict has not entered into legal force.