Young man who created a financial pyramid and illegally obtained $1.1 million detained in Tashkent

The 23-year-old collected huge sums of money from more than 50 people by promising to pay back with high interest.

He was detained by the Yashnabad district police.

“In February 2020, I had some debts. I took money to cover them. This continued until June 2022. The first time I misappropriated $2,065. I promised the lender 20% interest in return. Since then, I took from people about 10 billion soums and returned around 8 billion of it. I used the rest of the money for my own needs,” the man said.

In total, the perpetrator illegally obtained $1.1 million from more than 50 citizens promising them to return the money with 18-23% interest rates in 15 to 30 days. He is now facing charges.

#fraud #misappropriation #embezzling