Founder of financial pyramid arrested in Uzbekistan

The report said that Ahmadjon Tursunbaev was a founder of enterprises Chinoz Halol Chorva and Chinoz Avto Hamkor in Chinaz district of Tashkent region.

He and his staff received money resources in national and hard currency for interest rate of 100% APR without giving any guarantees or documents. Tursunbaev’s staff only made records to notebooks.

Tursunbaev also gave credits to people, who import various goods and valuables to Uzbekistan, in hard currency with the interest rate of 40% APR.

The group also accepted automobiles and jewelry with payment of interests each month.

The report said that Tursunbaev and people, who gave him money, reached agreement that in any unforeseen circumstances, relatives and friends of Tursunbaev were not reliable for repayment of money and valuables.

The TV channel said that Tursunbaev and his staff used money of “new clients” to repay debts and interests of old clients. Several ten thousand of people participated in such operations, the report said.

Olmos Kuchkarov, an employee of Tursunbaev, said that daily turnover made up 3-4 billion soums and about US$1 million. The arrested people were engaged in such activities for last 4-5 years.

The report added that Tursunbaev also purchased expensive cars and created farms. It added that some 13.139 billion soums and US$7 million were seized in house of Tursunbaev and his relatives, as well as in his companies.

The investigation is underway.