2.5-billion-tenge scheme: South Korea extradites suspect to Kazakhstan

Tengrinews.kz — South Korea has extradited to Kazakhstan a suspect accused of cashing out 2.5 billion tenge, according to the Financial Monitoring Agency.

According to investigators, Ulan Baibolov was a member of an organised criminal group that allegedly systematically evaded taxes and other mandatory payments to the state budget.

More than 2.5 billion tenge cashed out

Investigators allege that members of the group acquired companies and re-registered them under nominal directors, carried out financial transactions through their bank accounts, deliberately entered false information in tax reports and then withdrew the funds in cash.

One of the companies allegedly used in the scheme was Sfera LLP. Baibolov was appointed deputy director of the company in 2014. According to the Financial Monitoring Agency, members of the group cashed out more than 2.5 billion tenge through the company’s bank accounts.

In addition, more than 1 billion tenge in additional taxes was assessed.

A court authorised Baibolov’s detention pending investigation. The investigation is ongoing. Other details are not being disclosed in accordance with Article 201 of Kazakhstan’s Criminal Procedure Code.

Earlier, the National Security Committee reported the detention in Kazakhstan of 14 South Korean nationals suspected of fraud as part of an organised group using telecommunications systems. South Korean media later revealed further details of the large-scale special operation carried out in Kazakhstan.