Deception through financial pyramids has swindled Kazakhstan citizens of more than 1 billion tenge.
Revised Article:
Every year, financial scams manage to snag thousands of unsuspecting victims, and Kazakhstan has seen its fair share in recent years. The latest report by Almaty.tv, based on data from zakon.kz, reveals that the activities of four such scams caused over 1 billion tenge in damages.
At a recent press conference, MVD RK official representative Nurdil Oraz shared some insights about these financial pyramids. These schemes, dubbed Questra World, Questra Holding, Atlantic Global Asset Management, and Five Winds Asset Management, date back to 2016 and 2017. Thousands of Kazakhstanis fell prey to these scams, resulting in significant financial losses.
It's essential to delve deeper into the world of financial pyramids to understand their intricate mechanisms better. In recent years, cryptocurrency pyramids have become increasingly popular. For instance, the Warner Bros, Roborock, NFT+TRX Cryptocurrency Pyramid scam in April 2025, headquartered in Almaty, lured investors with promises of high returns in exchange for watching trailers and recruiting others. Deposits averaging roughly T225,000 were accepted exclusively in USDT cryptocurrency via a nine-tiered structure. As a result, authorities managed to seize $3.8 million in crypto assets.
Another infamous example is the Qnet Pyramid Scheme, which operated nationwide, even involving former law enforcement officers. They sold fake travel cards and jewelry through multi-level marketing, with deposits ranging from 840,000 to 4 million tenge. At least 63 million tenge was collected from 51 victims in Qyzylorda alone, and nationwide confiscations totaled $650,000 USD, including 7 Astana apartments and luxury vehicles.
Following this nationwide surge in financial fraud, authorities took drastic action, shutting down 24 financial pyramids in early April 2025, affecting 327,000 citizens. Educational initiatives were also launched, with universities like Satbayev University and Kazakh Ablai Khan University holding seminars on financial security to help combat fraud.
As for the specific entities mentioned in the query (Questra World, Questra Holding, Atlantic Global Asset Management, Five Winds Asset Management), no information concerning their recent activities is available in the provided sources. However, it's crucial to stay vigilant and educate ourselves about the signs of financial pyramids to protect ourselves from becoming victims.
- Despite the recent clampdown on financial pyramids, the damages caused by scams like Questra World, Questra Holding, Atlantic Global Asset Management, and Five Winds Asset Management continue to pose a significant risk to Kazakhstani businesses and individuals.
- The briefing by MVD RK official representative Nurdil Oraz revealed that these scams had pocketed billions of tenge from unsuspecting Kazakhstanis since their inception.
- General-news outlets have reported that in the world of finance, pyramid schemes, such as Questra World and Questra Holding, have grown increasingly complex, with some even using cryptocurrencies for their illegal activities.
- The crime-and-justice landscape in Kazakhstan remains vigilant in light of the massive financial losses resulting from pyramid schemes like Questra World, Atlantic Global Asset Management, and Five Winds Asset Management.
- The investigation into the recent activities of Questra Holding, Atlantic Global Asset Management, and Five Winds Asset Management is ongoing, but experts warn of the importance of remaining informed about the signs of financial pyramids to prevent becoming another victim.
