Kazakhstan investigates fake British investment fund scheme

According to the Financial Monitoring Agency (FMA), the S-Group financial pyramid stole about $260,950 from clients in Kazakhstan by posing as a British investment fund and promising monthly returns of 15% to 20%.

The FMA’s Astana Department is currently investigating the organization and management of Sincere Systems Group LTD (S-Group), a Ponzi scheme that operated under the guise of a British investment fund. The company allegedly claimed to manage assets on the Forex market, engage in digital mining and trade its own crypto assets, SWP and SWCT.

Each investor was promised returns of 15% to 20% per month, or 120% to 180% annually. To make the scheme appear more legitimate, the organizers created a website featuring personal investor accounts that displayed virtual deposits, accruals and «increased returns.»

«In reality, all funds received from investors were used by the suspects for personal purposes rather than being invested,» the agency reported.

The total damage to victims amounted to approximately $260,950. The funds were allegedly used to purchase two apartments in Astana and two cars, which were registered in the names of third parties.

Authorities have seized the property following court approval. Although the suspects have not been detained, they are prohibited from leaving the country while the investigation continues.