Cash rains from 12th floor as Kazakh wealth fund boss is arrested for bribery
Kazakhstan’s National Security Committee (KNB) detained Yelzhas Otynshiyev, CEO of Kazakhstan Temir Zholy (KTZ), the national railway operator, and Nurlan Zhakupov, CEO of sovereign wealth fund Samruk-Kazyna, on Nov. 11. Both are suspected of committing a corruption-related offense, the committee announced.
The KNB said investigative proceedings were underway to establish all the circumstances of the case. No further details of the pretrial investigation have been disclosed.
Cash reportedly thrown from apartment windows
Meanwhile, reports and videos circulating on social media suggest that unidentified individuals threw bags containing cash, including what appeared to be U.S. dollar bills, from an apartment window at the Atlant residential complex at 5 Kunayev St. in Astana. Social media users have linked the incident to the detention of the two executives, although authorities have not confirmed any connection.
On the morning of Nov. 12, residents of the complex reportedly noticed banknotes falling from above, with bags and scattered cash appearing in the courtyard.
«It happened in the morning while we were having breakfast. Everything was falling from around the 12th floor. We saw eight bags filled with money. We were in shock — it was such a huge sum. It was quite a sight to watch the banknotes scattering across the courtyard; there was money in actual stacks,» one resident said.
Another resident said she noticed the scattered cash while taking her son to kindergarten.
«I saw money scattered around before 9 a.m., when I was taking my son to kindergarten. Half an hour later, it was already gone,» she said.
Footage later circulated on social media purporting to show a search of Zhakupov’s apartment.
The residential complex at the center of attention
Atlant is a business-class residential development built by BI Group between Kunayev and Saraishyk streets in Astana’s Yesil district. Construction began in the second quarter of 2019, and the first phases were completed in 2021.
The complex comprises 12 buildings ranging from eight to 21 stories, with approximately 2,000 apartments. According to Krisha.kz, apartment prices start at 933,000 tenge (about $2,000) per square meter. One listing, for example, values a three-bedroom, 119-square-meter apartment at approximately $280,600.
Atlant is within walking distance of the KTZ Tower on Nurly Zhol Boulevard and several Samruk-Kazyna offices. The fund’s business center is approximately a 30-minute walk away, while the KTZ towers are about nine minutes away on foot.
Read also: Kazakhstan’s wealth fund Samruk-Kazyna to cut 650 managers by March.
Who is Yelzhas Otynshiyev?
Otynshiyev took over as chairman of KTZ on July 20, 2026. He holds bachelor’s and master’s degrees in general and applied physics from the Moscow Institute of Physics and Technology. He began his career in 2007 as a consultant at Ernst & Young’s Moscow office.
From 2009 to 2019, he held various positions at Samruk-Kazyna and its subsidiaries. Between 2021 and 2023, he held senior management positions at the Kazakhstan Investment Development Fund (KIDF), overseeing investment portfolio management.
From April 2023 until his appointment at KTZ, Otynshiyev served as managing director for strategy and asset management and a member of Samruk-Kazyna’s management board. Since February 2024, he has also served on KTZ’s board of directors.
Who is Nurlan Zhakupov?
Zhakupov was appointed CEO of Samruk-Kazyna on April 3, 2023. He graduated from the Department of International Economic Relations at the Moscow State Institute of International Relations (MGIMO University). He began his career in 2001 as a financial analyst at the Eurasian Natural Resources Corporation (ENRC).
Over the years, he held various positions, including business manager at Chambishi Metals PLC in Zambia, equity analyst at Credit Suisse and managing director at Tau-Ken Samruk, Kazakhstan’s national mining company and a subsidiary of Samruk-Kazyna. He also headed the Astana Social-Entrepreneurial Corporation.
Before joining Samruk-Kazyna, Zhakupov headed the management company of the Kazakhstan Investment Development Fund (KIDF), which works to attract foreign investment and support international companies expanding their operations in Kazakhstan.
