Organizers of a financial pyramid scheme allegedly posed as representatives of a company called Sirius Energy, which they claimed was involved in solar power generation projects in Chile. The suspects persuaded residents of Kazakhstan to invest in what they described as high-return renewable energy ventures.
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According to the Financial Monitoring Agency (FMA) of Kazakhstan, the scheme required investors to transfer funds exclusively in the cryptocurrency Tether (USDT). After the transfers were made, supposed bonuses and profits were displayed in the victims’ personal online accounts, creating the illusion of earnings.
Offices and social media used to attract investors
To build credibility and recruit participants, the organizers opened offices in Almaty and Astana. They also held regular training sessions and promoted the investment program on social media platforms including Instagram and TikTok.
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Authorities said the perpetrators registered a limited liability company under a third party’s name to create the appearance of legitimate business activity.
Hundreds of victims reported
«As a result, 380 citizens fell victim to the pyramid scheme,» FMA said in a statement.
One victim reportedly took out a loan of 3 million tenge (approx. $6,000) after being pressured by the fraudsters to invest in the project, which promised substantial returns. The promised payouts never materialized, leaving the victim responsible for repaying the loan with interest.
Authorities freeze accounts
Investigators said a court has authorized the freezing of the alleged organizer’s bank accounts as the case proceeds.
