A court in Almaty has sentenced 17 defendants in the case of the financial pyramid "Asar Baspana". According to investigators, participants in the scheme raised about 25 billion tenge from roughly 90,000 citizens, promising monthly returns of up to 30%. This was reported by Qazaqyia.kz citing Kursiv Media.
The information was announced by the Agency for Financial Monitoring (AFM). The verdict has not yet entered into legal force.
How the scheme worked
According to the investigation, participants in the scheme, led by N. M. Tuganbayev, convinced depositors that the company produced construction materials and also had a sewing workshop and a household and medical appliance factory. In reality, the products were purchased from third-party suppliers and branded with the "Asar Baspana" logo.
When public trust in the pyramid began to decline, the organizers, according to the AFM, spread false information about opening car dealerships and cooperating with dealers. Cars were purchased with depositors' funds and registered to relatives.
The court's verdict
Tuganbayev was sentenced to eight years in prison, and three other organizers received seven years each. Thirteen regional managers received five-year suspended sentences.
Arrested assets totaling 5.6 billion tenge will be directed toward compensating victims for damages. The remaining portion of the property will be turned over to the state.
Overall statistics on financial pyramids
Earlier, Kursiv wrote that, according to the Prosecutor General's Office, damage from financial pyramids in Kazakhstan in 2023-2025 amounted to 36 billion tenge. The agency noted that "Asar Baspana" attracted new participants to finance its programs, and shareholders' funds were used for unintended purposes, including being cashed out and transferred abroad.