Another Pyramid Scheme Leaves Hundreds in Kyrgyzstan as Victims
Hundreds of People Fooled by Pyramid Scheme in Kyrgyzstan
A recent pyramid scheme in Kyrgyzstan has once again duped hundreds of individuals into believing they could easily earn high profits. The scheme, run by the Charge Fast company, promised investors significant returns in a short period of time in exchange for bringing in new members.
Established in Bishkek by 43-year-old Syezdbek Sainazarov, Charge Fast managed to recruit hundreds of investors across the country, with victims paying between $110 and $17,800 to join the fund. Many individuals, like Aelita Muratalieva, were enticed by the promise of lucrative returns and invested their hard-earned money into the scheme.
However, as suspicions grew and rumors of the company’s impending collapse surfaced, several individuals reported the scheme to the authorities. As a result, arrests were made in Bishkek and Karakol, with Sainazarov and his brother among those detained on charges of fraud.
Despite warnings from authorities and previous cases of financial fraud involving pyramid schemes, many individuals in Kyrgyzstan continue to fall victim to these scams. In 2023 alone, 358 criminal cases related to fraudulent investment plans were launched, with victims losing a total of $760,000.
Financial adviser Aslanbek Kenenbaev advises individuals to seek expert advice before investing their money and to be cautious of schemes promising large returns through recruitment of new members. The Interior Ministry also cautions against trusting companies or ads that promise quick and easy money.
In Kyrgyzstan, those found guilty of organizing financial pyramids face up to eight years in jail, while advertising such schemes is punishable by hefty fines. Despite these consequences, individuals are urged to remain vigilant and avoid falling prey to fraudulent investment schemes.
Written by Farangis Najibullah in Prague based on reporting in Bishkek by RFE/RL Kyrgyz Service correspondent Kunduz Kyzylzharova.
