Tengrinews.kz - Developers of a residential complex in East Kazakhstan have been arrested on suspicion of embezzling nearly KZT 2 billion, according to the Financial Monitoring Agency.
According to the agency, under the pretext of constructing a multi-apartment residential complex, the suspects embezzled KZT 1.8 billion.
"Two suspects signed fake equity participation agreements for a residential complex in Ust-Kamenogorsk and deceived 102 citizens. In reality, the project turned into an unfinished construction. Despite multiple extensions of the deadlines, the residential complex was never completed," the agency stated.
It was noted that the company did not possess the required permits to raise equity funds from investors.
Photo: FMA press service
With the court’s sanction, the suspects have been arrested and placed in a pre-trial detention facility. To compensate the victims and ensure the confiscation of assets, property belonging to the suspects, valued at KZT 2.3 billion, has been seized. Further details have not been disclosed under Article 201 of the Criminal Procedure Code of Kazakhstan.
Previously, new cases of criminal equipment use were identified in Almaty.
