Beware of financial pyramids: Essential knowledge for Kazakhstan residents to avoid being scammed
Financial Scams: How to Stay Away from Modern Pyramid Schemes in Kazakhstan
Get the inside scoop on the deceptive tactics used by financial schemers in Kazakhstan. From movie trailer fiascos to green lies, find out how to spot and dodge these sly operations.
Luring in Unsuspecting Victims
Since May 5, 2025, the cunning tactics of pyramid builders continue unabated, preying on innocents across Kazakhstan. Specialists at fingramota.kz have unearthed evidence of several new schemes, including the clever disguise of movie trapdoors.
In April 2025, a covert operation in Almaty unmasked companies operating under the pseudonyms of Warner Bros, Roborock, and NFT+TRX. These not-so-grand organizations fooled investors by convincing them to pour money into projects in exchange for high profits - allegedly from watching movie trailers.
The scheme offered a maze of nine levels, with an average investment of nearly 225,000 tenge, only acceptible in the USDT cryptocurrency. Here's how it all went down: investors registered using a special app, paid in USDT, and were promised rewards for viewing trailers and inviting new recruits. Unfortunately, it turned out that their investments only vanished into thin air. An ongoing investigation has yet to reveal the number of duped investors and the extent of the damages, but it's known that a court order has seized cryptocurrencies worth 3.8 million USDT.
Cryptocurrency Chameleons
Menage a triple cryptocurrency deception! For many Kazakhs, cryptocurrencies remain a financial enigma, enticing easy pickings for pyramid scammers. These fraudsters insidiously promise high yields from new cryptocurrencies or elaborate mining farms. Once they've hooked investors, they swiftly pay out small sums to build trust and convince others to come on board, all while stashing the money for themselves.
Take, for example, the ill-fated Finiko operation that heavily affected Kazakhstan from 2019 to 2021. Finiko pitched investment products and guaranteed a monthly return of 20-30%. Sounds too good to be true? That's because it was! Investors were required to purchase the company's internal currency using bitcoins or Tether tokens. The investigation revealed that a whopping 12 Finiko investors lost a total of 42 million tenge.
The "Green' Payday Heist
Capitalizing on the eco-trend, pyramid builders have dipped their toe into the "green" market, offering investment schemes pretending to support solar energy, waste recycling, or other environmental causes. These bedazzled projects use environmental concern to boost legitimacy, but in reality, they're just another tactic to lure and defraud investors.
Two years ago, scammers in Kazakhstan promised "green" economic investments, boasting a 3000% yearly return. Claiming the company generated electricity from solar power plants, they carefully crafted their pitch to attract victims by suggesting that their chances of profits increased with each new investor. In the end, these tricksters defrauded an astounding 3,000 Kazakhs of 259 million tenge.
Closed Door Deceptions
Just like how a locked door intrigues us, closed "investment clubs" or "business communities" have unwittingly become another lucrative scam. While such groups operate on the classic financial pyramid scheme model, they throw in some fresh marketing tricks for good measure.
Swindlers initially entice potential investors with their selective club environment. At first contact, they inform investors that their payouts rely entirely on the number of friends and acquaintances they gather - and they emphasize the exclusivity of the company. To encourage participation, they might host training sessions, workshops, and meetings, but they never specify the product in which participants' funds will be invested.
Two years ago, a pyramid named "Millionaires' Club" plied Kazakhstan, charging a hefty membership fee of 100,000 tenge. The perpetrators guaranteed members would reap several times their initial investment within a month, but alas, no one accumulated so much as a penny. When investigators delved into the accounts, they discovered about 41 million tenge from more than 3,000 affected investors. The total losses, as reported by investigators, coasted along at a staggering 600 million tenge.
Better Safe Than Scammed
Here's how to thwart the sly moves of financial pyramid artists:
- Verify their credentials: Run checks on a company's registration, licenses, and regulatory compliance. This can be accomplished by visiting the official website of Kazakhstan's Agency of the Republic of Kazakhstan for the Regulation and Development of the Financial Market or the Agency of the Republic of Kazakhstan for Financial Monitoring.
- Steer clear of exaggerated promises: If they promise "guaranteed high profits" and claim it requires little to no risk, that's a big red flag. Legitimate businesses always warn of risk and focus on realistic returns.
- Inspect the income model: Genuine companies earn money by selling products or services, not by relying on new investors' investments. If your earnings primarily come from recruiting new participants, that's a dead giveaway that you're dealing with a pyramid.
- Explore the company's reputation: Research independent reviews, news reports, government websites, and professional communities for accurate information.
- Never invest more than you can afford to lose: Don't pledge property or take loans to participate in investment schemes.
- Avoid quick, messenger registrations: Legitimate investment companies generally use secure platforms, not chat apps or informal groups.
- Thoroughly read the contract: Legitimate contracts provide clear terms, conditions for contention, and possible force majeure scenarios. Working with a lawyer is highly recommended to protect your funds.
- Disregard pressure tactics: Watch out for phrases like "time is running out" or "only a few spaces left." These tactics aim to pressure you into acting impulsively.
Photo: fingers.kz
Interested in safeguarding your phone from hacking? Our previous article highlights some simple yet essential rules to know.
I, as an individual investor, should be wary of financial pyramid schemes in Kazakhstan, especially those masquerading as movie production or cryptocurrency investment opportunities, such as the covert operation using the names Warner Bros, Roborock, and NFT+TRX in Almaty in April 2025. The Finiko operation, which heavily affected Kazakhstan from 2019 to 2021, is another example, promising high yields from new cryptocurrencies or elaborate mining farms.
There are other deceptive tactics used by pyramid builders, like the "green" market scams that offer investment schemes under the guise of supporting solar energy, waste recycling, or other environmental causes. The "Millionaires' Club" in Kazakhstan, charging a hefty membership fee of 100,000 tenge and guaranteeing returns within a month, is a symbol of closed "investment clubs" or "business communities" that have become another lucrative scam.
To stay away from these modern pyramid schemes in Kazakhstan, I should verify the credentials of the company, avoid exaggerated promises, inspect the company's income model, explore its reputation, never invest more than I can afford to lose, avoid quick, messenger registrations, thoroughly read the contract, disregard pressure tactics, and work with a lawyer when possible.
