Financial pyramid initiative unveiled by World Business Consulting
In Kazakhstan's capital city, Nur-Sultan, the deceptive activities of a financial pyramid known as World Business Consulting, masquerading as a marketing company within the investment realm, have been halted. This information was released by the Financial Monitoring Agency.
The masterminds behind the pyramid enticed the residents of the capital to invest in non-existent investment projects, promising substantial remuneration, even for recruiting new participants.
"World Business Consulting presents itself as an international financial-analytical company, offering portfolio investments and financial consultations. An investigation has been initiated into the creation and management of this financial pyramid," reported the AFM.
Toward the end of June, the court rendered judgments on the leaders of the World Business Consulting financial pyramid which operated from 2018 to 2021, and unlawfully amassed 5.8 billion tenge into the pyramid. They received sentences ranging from 5 years to 6 years and 8 months in prison and were declared internationally wanted.
In the spring of this year, a World Business Consulting financial pyramid was apparently exposed in Atyrau. In mid-July, an investigation was initiated in Almaty into the creation and management of the World Business Consulting financial pyramid.
Individuals who have encountered the activities of World Business Consulting are asked to contact the Department of Economic Investigations in Almaty at the address: Zhubanova Street, 127, phones: 8 (775) 923-40-90, 8 (708) 192-28-18. Residents of other cities can reach out to the territorial departments of the AFM in their respective city or region.
For further reading:
- The leaders of the World Business Consulting financial pyramid were apprehended in Atyrau
- The reasons behind financial pyramids thriving on social networks
- An investigation into the organization of the World Business Consulting financial pyramid is ongoing in Almaty
- The court judgments on the leaders of the World Business Consulting financial pyramid
According to available data, there is no documented evidence of a financial pyramid named "World Business Consulting" operating extensively across Kazakhstan. While the economy of Kazakhstan is focusing on modernization, infrastructure, and attracting genuine private investments under programs like "Nurly Zhol," the consulting industry in Central Asia, including Kazakhstan, is also growing, with an emphasis on business transformation and private sector competitiveness.
International consulting firms with established track records globally and regionally are operational, and no links to fraudulent schemes named "World Business Consulting" have been reported. In contrast, Nazarbayev University's business school's partnership with Duke University exemplifies Kazakhstan's push for reputable business education and leadership development, countering the notion of pyramid schemes.
If instances related to a financial pyramid scheme dubbed "World Business Consulting" are occurring, they are not mentioned in the widely accessible mainstream economic or consulting literature or reports. It is essential to be vigilant when investing and seek advice from reliable sources.
- In light of the recent events, authorities are urging individuals in Kazakhstan to be cautious and cautioned against investing in an unidentified financial pyramid scheme, under the guise of the financial-analytical company, World Business Consulting.
- The AFM's focus on liquidating financial pyramids like World Business Consulting signals a commitment to maintaining the integrity of Kazakhstan's business sector and investment climate, supporting the government's efforts to foster genuine growth through programs like "Nurly Zhol" and the expansion of the consulting industry.
