Uzbekistan’s Interior Ministry Investigates XCM Financial Pyramid

Tashkent, Uzbekistan (UzDaily.com) — The Ministry of Internal Affairs of Uzbekistan is investigating the online platform XCM, which allegedly engaged in illegal activities involving the collection of funds and assets from citizens and companies, according to a statement on the ministry’s website.

According to media reports, including Kun.uz, XCM (X Connection Media) has been actively operating in Uzbekistan and exhibits characteristics of a financial pyramid scheme.

The scheme reportedly infiltrates workplaces and even some internal affairs structures, where employees, knowingly or unknowingly, contribute to promoting the project and increasing the number of victims.

The company was registered in Australia on August 4, 2024, and presents itself as a project in advertising and online marketing. To give the operation a semblance of legitimacy, it uses the guise of “employment,” requiring participants to be aged 18–60 and possess communication and time-management skills.

A key feature of the pyramid is the mandatory deposit required to join, described on the XCM website as “creating a safe collaborative environment.” Experts note that contributing funds without a legal basis or clear contractual terms effectively guarantees involvement in a fraudulent scheme.

Additionally, XCM employees must adhere to internal rules, including prohibitions on negative feedback and criticism of colleagues, reinforcing internal control and pressure.

The Ministry of Internal Affairs has also launched an internal review to determine whether its personnel may have been involved in promoting the platform.