Kazakh Authorities Accuse Businessman of Running Shadow Loan Network

Kazakh authorities allege that businessman Sergey Koynov and associates ran commission shops under the “Active Market” brand that acted as unlicensed lenders using fictitious contracts with daily fees up to 2.07%, laundering proceeds through affiliated entities and inflated IT service contracts. Investigators cite 1.9 million contracts, approximately $38 million in suspected criminal income, roughly $11 million in dividend payouts, and $5 million funneled through an IT firm, with $18 million in assets frozen; Koynov is detained and accomplices face travel restrictions.