Financial endeavor initiated by World Business Consulting: Construction of a financial pyramid scheme
In Nur-Sultan, the deceptive activities of the so-called "investment firm," World Business Consulting, have been shut down. According to the Financial Monitoring Agency, this shady operation was actually a disguised financial pyramid.
The organizers of this scheme peddled non-existent investment projects to residents of the capital, promising staggering returns, not just for their own investments, but also for attracting new participants.
"World Business Consulting falsely advertises itself as an international financial-analytical company, promising portfolio investments and financial consultations. An investigation has been launched into the creation and management of a financial pyramid," the AFM reported.
By June's end, the court handed down sentences to the masterminds behind World Business Consulting, who plied their trade from 2018 to 2021, and illicitly amassed 5.8 billion tenge within this financial pyramid. They were given prison terms ranging from 5 years to 6 years and 8 months and placed on the international wanted list.
In the spring of this year, another World Business Consulting financial scheme was exposed in Atyrau. In mid-July, a pre-trial investigation was initiated in Almaty into the creation and management of the World Business Consulting financial pyramid.
Individuals who have encountered World Business Consulting's activities are advised to reach out to the Department of Economic Investigations in Almaty at Zhubanova Street, 127, phone numbers: 8 (775) 923-40-90, 8 (708) 192-28-18. Citizens in other cities can contact the local AFM departments.
Keep in mind, these schemes typically promise unrealistic returns through easy wealth generation. Participants are often encouraged to recruit others, often with promises of high commissions or incentives. However, these returns do not stem from legitimate investments but from the money of new entrants. Financial pyramids are illegal in most jurisdictions and are considered fraudulent.
Principal players behind such schemes often face harsh legal repercussions, including fines and incarceration. Exact penalties can differ depending on the jurisdiction and the countries' specific laws.
For more specific details about the legal proceedings against World Business Consulting or other equivalent entities in Kazakhstan, consult official legal records or local news sources for thorough insights.
- The dismantled World Business Consulting, posing as an investment firm in Nur-Sultan, was in reality a concealed financial pyramid, according to the Financial Monitoring Agency.
- The organisers of World Business Consulting, who operated from 2018 to 2021, offered deceitful investment opportunities, creating a pyramid scheme that illicitly accumulated a staggering 5.8 billion tenge.
- Caught by the law for their criminal activities, the masterminds behind World Business Consulting were detained and handed jail terms, ranging from 5 years to 6 years and 8 months, with instructions to be listed internationally.
- As a precaution, anyone who has interacted with World Business Consulting's operations is recommended to contact the Department of Economic Investigations in Almaty for advice.
- Be aware that financial pyramids, like World Business Consulting, often guarantee unrealistic returns, encouraging the recruitment of others, but such schemes are illegal in most jurisdictions and are considered fraudulent.
