Former Head of Financial Supervision Service Arrested in MCN Coin Scandal
Former Chairman of Kyrgyz Financial Market Supervisory Agency Arrested for Alleged Pyramid Scheme
Bishkek – On February 10, officers of the State Committee for National Security of Kyrgyzstan (SCNS) detained Yuruslan Toichubekov, the former chairman of the State Service for Regulation and Supervision over the Financial Market under the government. Sources within the state committee confirmed this information to 24.kg news agency.
Toichubekov was taken into custody in connection with the MCN Coin case, where he is accused of involvement in creating a pyramid scheme.
Earlier in February, SCNS also detained one of the founders of the virtual asset MCN Coin, Isradin Subanbekov, who later confessed to fraud in a video. Subanbekov revealed that over a year and a half, the company managed to collect $2.5 million from citizens.
Prior to these arrests, the State Service for Supervision over the Financial Market had warned against investing in MCN Coin, emphasizing that the virtual asset had not undergone state registration and was not included in relevant registers.
Following the arrests, Daniyar Zakirov, an employee of the 4th Department of the Main Investigative Directorate of the Ministry of Internal Affairs, reported that $1,700 million has been returned to victims of the MCN Coin scheme.
The investigation into the alleged pyramid scheme involving MCN Coin continues as authorities work to bring those responsible to justice and protect investors from fraudulent schemes.
