Kazakhstan seeks extradition from Kyrgyzstan in high-profile Ponzi scheme case

Kazakhstan is seeking the extradition of its citizen Adilet Oraz from Kyrgyzstan, according to the country’s Ministry of Internal Affairs. Oraz is suspected of creating and operating the Mudarabah Capital financial pyramid scheme. Popular Kazakh social media comedians (also known as viners) Meirzhan Turebayev and Meirkhan Sherniyazov are already serving prison sentences for their involvement in the case.

«Oraz was detained in Kyrgyzstan, where he is also facing prosecution for a separate criminal offense. The issue of his extradition to Kazakhstan is being addressed under relevant international agreements,» the ministry said.

Blogger Azimzhan Saidbayev, wanted since 2022 for promoting the Ponzi scheme, is also implicated in the case and remains at large.

«Saidbayev has been placed on both interstate and international wanted lists. Law enforcement agencies are continuing search operations to locate and arrest him,» the agency stated.

Kazakhstani authorities had been searching for Adilet Oraz since November 2021. Media reports have identified him as one of the founders of Mudarabah Capital. In January 2024, he was apprehended in Bishkek. According to Kyrgyzstan’s Ministry of Internal Affairs, Oraz had been living in the country under the identity of a deceased Kyrgyz citizen. Kyrgyz authorities charged him with drug possession and fined him approximately $1,700.

In April 2021, numerous Kazakhstani citizens filed complaints against Astex.kz, Mudarabah Capital and ACD Technology, alleging the companies falsely advertised «profitable Islamic investments.» Victims claimed the companies promised returns generated from bidding financed by investor deposits.

Mudarabah Capital was promoted by several bloggers, including Turebayev, Sherniyazov and Saidbayev. Consequently, bloggers and executives from Astex.kz, ACD Technology and Mudarabah Capital were arrested.

In June 2023, the court delivered its verdict. Turebayev and Sherniyazov were each sentenced to five years in prison for operating the Ponzi scheme. Ruslan Burkanov, head of Mudarabah Capital, was sentenced to 12 years, while the company’s founder Andrey Cha received a five-year sentence. The 10 other defendants received sentences ranging from six to 14 years.