The Department of the Financial Monitoring Agency (FMA) for the West Kazakhstan Region has completed an investigation against the head of a credit partnership on charges of embezzling subsidies totaling 150.7 million tenge.

The suspect illegally obtained preferential loans under the "Agrobusiness" lending program in the amount of 126.7 million tenge for a controlled peasant farm.

Subsequently, the loan funds were withdrawn from the farm’s account without the actual purchase of cattle.

In addition, by entering false information into the "ISZh" database about non-existent livestock, the suspect unlawfully received 24 million tenge in subsidies allocated under the national project "Development of the Agro-Industrial Complex for 2017–2021."

To legitimize the receipt of subsidies, the suspect submitted fake documents claiming the purchase of pedigree cows from other peasant farms.

Using the criminal proceeds, the suspect purchased land plots on which he built a shopping center and a sauna, registering the properties in the name of a relative to conceal ownership.

By court order, the suspect’s assets worth 198 million tenge have been seized: 2 land plots, a shopping center, a sauna, and a vehicle (Exeed LX).

The suspect has been placed in pre-trial detention as a preventive measure.

If you become aware of any economic offenses, please report them via the "AFM Insider" Telegram bot.

Anonymity is guaranteed.

Press Service of the Financial Monitoring Agency of the Republic of Kazakhstan

Source : https://www.gov.kz/memleket/entities/afm-aktobe/press/news/details/996542?lang=kk