Two Kostanay residents sentenced for unlicensed microloans worth 579 million tenge

September 23, 2026 at 10:08 AM2 min

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A court in Kazakhstan's Kostanay region sentenced two residents to two years in prison for running an unlicensed microfinance network that earned over 579 million tenge. The pair operated four companies that issued loans secured by jewelry to more than 1,600 clients in 2024–2025. The sentence includes confiscation of five apartments, three cars, and two land plots.

Key Facts

The court sentenced each defendant to two years in prison with confiscation of property, including five apartments, three cars, and two land plots.
The illegal network operated through four companies: TOO 'Soyuz-Kostanay', TOO 'Express Tenge', TOO 'Express Gold', and TOO 'Express.com'.
More than 1,600 citizens used the services over two years, generating income exceeding 579 million tenge.
Clients were charged a daily fee of 0.4% for the use of funds, with no written loan agreements concluded.
The sentence has not yet entered into legal force.

Illegal Lending Scheme

The defendants organized the activity of four controlled companies in 2024–2025, operating mainly in district centers and settlements of Kostanay region. Clients were offered money secured by jewelry without applying to banks or other financial organizations. In fact, instead of commission trading, clients were given cash secured by property. A daily fee of 0.4% was charged for the use of the money. No written loan agreements were concluded with clients.

Concealment and Sentencing

To give the transactions the appearance of lawful commission activity, a package of formal documents was used, in which the fee was designated as a commission for deferred sale of goods or a storage fee. Over two years, more than 1,600 citizens used the services, and income from illegal activity exceeded 579 million tenge. The court sentenced each defendant to two years of imprisonment with confiscation of property, including five apartments, three cars, and two land plots. The sentence has not entered into legal force.