Company head of Finiko convicted in Kazakhstan courts
In the city of Kostanay, a criminal case has seen a review regarding the illegal amassing of over 126 million tenge through the Finiko project, as reported by our very own site, citing the Kostanay Regional Court's Telegram channel.
The court case unfolded in Court No.2, with T., the head of a Financial Pyramid's structural unit, facing charges for earning illicit income without entrepreneurial activity, misleading the public, and enriching some participants at the expense of others. T. collaborated with unidentified accomplices to disperse deceptive investment program information through WhatsApp, preying on gullible depositors with false promises.
The deceived depositors were recruited via social networks, where Finiko's legal activities were brazenly misrepresented. The ill-gotten funds were subject to a Bitcoin mixer process, making transaction tracing impossible and complicating the Bitcoin system, with the organizers of this illegal operation accumulating the funds, while the rest was used to pay dividends and create the illusion of fulfilling obligations, luring more clients.
36 citizens suffered financial losses totaling over 126 million tenge due to T.'s criminal actions. T. boldly denied any guilt during the court proceedings. No extenuating or mitigating circumstances were established by the court. Considering T.'s character and the danger posed by the offense, the court sentenced T. to 7 years in prison, barring him from holding leadership positions in financial organizations for a period of 7 years. The ruling has yet to be enforced.
Over the summer, the Kostanay branch head of Thefiniko was wanted in Kazakhstan, accused of embezzling 65.9 million tenge and $206,500 USD from citizens. The agency reported that Thefiniko is not a registered trading and investment platform, emphasizing its criminal nature.
The agency also issued a statement regarding the social media popular company The Finiko, expressing concerns about its activities resembling a financial pyramid and fraud. Later, it was reported that one of The Finiko's co-founders, Kirill Doronin, was arrested in Russia for illegally attracting funds on a large scale.
Spotting a financial pyramid requires caution. Signs include overpromising easy, high returns, aggressive advertising, a matrix system, lack of transparency, and lacking a formal contract. It's crucial to investigate thoroughly before investing to avoid becoming a victim of such schemes. For more specific guidance, it's best to consult the official publications or website of the Agency for Regulation and Development of the Financial Market of Kazakhstan.
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- The court case in Kostanay revealed a fraudulent operation within the Finiko project, worth over 126 million tenge, as reported in the general-news and crime-and-justice categories.
- The head of a Finiko structural unit, T., was charged with fraudulently earning illicit income, misleading the public, and enriching some participants at the expense of others.
- In the finance industry, T. collaborated with unidentified accomplices to distribute deceptive investment program information through WhatsApp, targeting unsuspecting depositors with false promises.
- The business practices of The Finiko company, as seen in Kostanay, closely resemble a financial pyramid and fraud, raising concerns among authorities and experts.
- To avoid falling victim to schemes like the one in Kostanay, it's essential to investigate thoroughly and be cautious before investing, as well as to consult the official publications or website of the Agency for Regulation and Development of the Financial Market of Kazakhstan for specific guidance.
