The Financial Monitoring Agency’s Department in Almaty, under the coordination of the Prosecutor’s Office, continues its investigation into the leadership of the organizations Creditum, Sofi Finance, Hava Finance, SF Offline, POS Credit, and Salem Credit on charges of fraud and illegal entrepreneurial activity.

As previously reported, over 327,000 citizens were affected by the unlawful operations of these MFOs, suffering damages totaling 30 billion tenge.

Borrowers with overdue payments were pressured into signing guarantee agreements with affiliated companies — Hava Finance, SF Offline, and POS Credit.

The guarantor’s responsibility only came into effect in the event of the borrower’s death.

However, a fee was charged for this “service,” often many times higher than the original loan amount, pushing individuals into a debt trap. As a result, borrowers ended up repaying three to five times more than the initial loan.

A freeze has been placed on the microfinance organizations’ accounts totaling 1.8 billion tenge, as well as on their loan portfolio worth 30 billion tenge.

One of the organizers has been placed in pre-trial detention for two months.

Two residential properties and two vehicles — a BMW X6 and a Toyota Tundra — worth a total of 225 million tenge, have also been seized.

The investigation is ongoing.

Source : https://www.gov.kz/memleket/entities/afm/press/news/details/975261?lang=kk