The Department of the Financial Monitoring Agency for the Kyzylorda Region, together with the National Security Committee's department, has cracked down on mass fraud against citizens during microcredit issuance by the microfinance organization Express Zaim across 18 regions of the country. This was reported by Qazaqyia.kz citing Sputnik Kazakhstan.
According to the investigation, in August 2024 the organization introduced a paid consultation service. Its cost was set depending on the loan amount and was added to the borrower's principal debt.
«Clients were told they could not receive a microcredit or extend the repayment period unless they paid for this service. They concealed the fact that the paid service could be refused. As a result, borrowers received less money than they were entitled to, but were obligated to repay the debt in full along with interest», the agency said.
Each time the microcredit repayment period was extended, the paid consultation service was reissued. In total, more than 181,000 contracts for the paid consultation service were concluded with 43,000 citizens.
The deputy director of the microfinance organization has been placed under house arrest. The investigation is ongoing.