AFM investigates 300 million tenge theft from Ken Dala 2 farm program in Karaganda

September 21, 2026 at 10:12 AM2 min

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

The Karaganda regional department of the Financial Monitoring Agency is investigating the theft of 300 million tenge in subsidized loans issued to TOO Rashan under the Ken Dala 2 program. The funds, intended for spring field and harvesting work, were allegedly diverted to two other companies for fictitious seed purchases and equipment rental. The director of TOO Rashan has been named a suspect and his assets have been frozen by court order.

Key Facts

In May 2025, a branch of Agrarian Credit Corporation signed a loan agreement with TOO Rashan for working capital replenishment, with Damu Entrepreneurship Development Fund acting as guarantor.
The loan amount of 300 million tenge was transferred to TOO Rashan's account under the Ken Dala 2 program.
About 148 million tenge was transferred for seed purchases and 152 million tenge for agricultural machinery rental, including fuel and wages.
The investigation established that no seeds were purchased, no machinery was rented, and no crops were sown on the declared land plots.
The director of TOO Rashan has been named a suspect, and a court has ordered the seizure of his assets.

Loan Disbursement

In May 2025, a branch of Agrarian Credit Corporation concluded a loan agreement with TOO Rashan for replenishment of working capital. The Damu Entrepreneurship Development Fund acted as guarantor for the obligations under the agreement. Under the terms of the agreement, 300 million tenge in borrowed funds was transferred to the account of TOO Rashan.

Fund Diversion

The received funds were subsequently distributed between two TOOs under the guise of paying expenses for the sowing campaign. About 148 million tenge was transferred for the purchase of seeds, and another 152 million tenge for the rental of agricultural machinery, including fuel and wages. The investigation established that no seeds were actually purchased, no machinery was rented, and no crops were sown on the declared land plots.

Suspect and Asset Freeze

The director of TOO Rashan has been recognized as a suspect in the case. With the sanction of the court, an arrest has been placed on his assets. The investigation is ongoing, and other information is not subject to disclosure in accordance with Article 201 of the Criminal Procedure Code of the Republic of Kazakhstan.