Kazakhstan may criminalize financial pyramids

The Kazakh Agency for Economic and Corruption Crimes wants to criminalize financial pyramids, spokesman of the structure Murat Zhumanbay said, RAPSI reports.

The scheme will be qualified as fraud. 17 such pyramids have been closed in 3 years.

MMM-2011 has branches in Kazakhstan. It issues own currency, MMM-dollars, for prices set by its founder Sergey Mavrodi. Participants make profit from constantly rising currency rate.

A criminal case was initiated against Mavrodi in May 2012 for illegal business. A criminal case against founders of MMM-2011 was initiated on June 7, 2012. They are accused of high-scaled fraud by an organized group.