The Financial Monitoring Agency in Kazakhstan has released an extended list of organizations suspected of operating as financial pyramid schemes or those that have already been sentenced by a court. The agency highlighted that now every Kazakh citizen looking to invest their funds can check the reliability of a company not only in the ARFR registry but also in this list, which consists of 35 organizations.
One can also verify an organization for signs of a financial pyramid scheme and fraud by using the telegram bot AFM Baiqa, piramida. The agency noted that creators of financial pyramids lure participants by promising guaranteed high returns in a short period. However, once a certain number of participants and investments are collected, the organizers disappear with all the money.
Engaging in the creation of a financial (investment) pyramid scheme carries criminal liability of up to three years. Furthermore, fines ranging from 150 to 600 Monthly Calculation Indices are imposed for the production, distribution, and placement of advertisements related to financial (investment) pyramid schemes.
