Astana, 30 October. Yerzhan Shakirov, head of the Express Zaim chain of microfinance organisations, has been put on the wanted list, according to the database of wanted persons of the Prosecutor General’s Office; ten days ago the Financial Monitoring Agency (AFM) reported uncovering a scheme of mass deception in issuing microloans at the organisation, which operated in 18 regions.
According to investigators, borrowers were forced to buy a paid consulting service whose cost was included in the principal: a person received less in hand but had to repay the full amount with accrued interest. In this way 43,000 people were deceived under 181,000 contracts. The damage is still being calculated.
What it means: Investigators believe the microfinance chain charged customers for years for money they never received and are now searching for its head.
What we know now: Yerzhan Shakirov is wanted; his whereabouts have not been reported. The damage is being determined; the number of victims is 43,000.
Background: The Agency for Regulation and Development of the Financial Market caps the interest rate on microloans. According to investigators, the “consulting” fee increased the debt above the sum the borrower actually received.
