Charge Fast Scam: Hundreds Fall Victim, Hundreds of Thousands Lost in Kyrgyzstan

Overview

• Hundreds of people in Kyrgyzstan have fallen victim to the Charge Fast scam, collectively losing hundreds of thousands of dollars.
• Police have arrested several individuals in connection with the pyramid scheme.

The Scheme

• The Charge Fast scam was set up in Bishkek in July 2023 by Syezdbek Sainazarov.
• The scheme promised high returns in exchange for bringing new members into the organization.
• The average monthly salary in Kyrgyzstan is below $400, making the promise of financial gain particularly enticing.

Victims’ Experiences

• Victims paid between $110 and $17,800 to join the fund.
• Some were pressured into making larger investments.
• Aelita Muratalieva, a victim, lost all her money when the scheme collapsed after encouraging her family to join.

Arrests and Investigation

• Sainazarov and his brother Omurbek, who served as the company’s manager, were among those arrested in early March.
• Over 100 people in Bishkek alone have filed complaints.
• Authorities are working to track down those involved in the suspected scam across the country.

Previous Instances of Financial Fraud

• In 2023, there were 358 criminal cases involving fraudulent investment plans in Kyrgyzstan.
• 40 people faced criminal charges, and losses amounted to over $760,000 for more than 350 victims.

Financial Experts’ Advice

• Aslanbek Kenenbaev, a financial adviser, urges people to consult with at least three financial experts before investing their money.
• He advises against any scheme promising quick and easy profits.

Penalties for Financial Pyramid Schemes

• Organizing a financial pyramid scheme carries a penalty of up to eight years in jail.
• Advertising such schemes is also a criminal offense punishable by a fine of up to $2,230.

Conclusion

The Charge Fast scam marks yet another instance of financial fraud in Kyrgyzstan and underscores the importance of caution and due diligence before investing money.