Seven representatives of a construction company that defrauded shareholders of two residential complexes were sentenced in Almaty. The court found them guilty of fraud on a large scale.

According to the press service of the Almaty City Court, the director of the construction company colluded with six accomplices to attract shareholders to buy flats in two residential complexes. At the same time, she concealed that the company did not have a licence to attract equity funds. The fraud involved 150 people who paid a total of KZT3.5bn for non-existent flats.

When the fraud was uncovered, the developer company, which was recognised as a victim in the case, had to reimburse the funds to the shareholders. The construction company was able to return the money to the affected Almaty residents in full.

Meanwhile, the director of the company together with her husband bought another plot of land at the expense of the shareholders' money, allegedly for the construction of another housing estate.

From information sent by an anonymous source

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