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Boxy Wealth Pyramid Scheme Exposed in Almaty: 180+ Victims, $570k Damages

Boxy Wealth's promises of high daily returns were too good to be true. Now, over 180 victims are left waiting for justice and their money back.

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1 min read
In this picture we can see a market, in which we can see some stoles and we can see few people are...
In this picture we can see a market, in which we can see some stoles and we can see few people are around.

Boxy Wealth Pyramid Scheme Exposed in Almaty: 180+ Victims, $570k Damages

A financial pyramid scheme, BoxyCharm, has been exposed in Almaty. The mastermind, Sagynbay Zhetigenov, has been arrested. Over 180 people have fallen victim, with total damages exceeding 230 million tenge.

BoxyCharm posed as an investment firm, luring people with promises of high daily returns up to 10%. The scheme, however, was a sham, with no real transactions taking place. Instead, funds were funneled from investors onto bank cards of 'money mules' before being converted to cryptocurrency.

The organizer, Sagynbay Zhetigenov, has been detained and remanded in custody for two months. A criminal case has been opened, with authorities identifying over 180 victims. This isn't the first such scheme in Almaty this year; earlier, residents lost millions in a suspected smartphone resale pyramid.

The arrest of Sagynbay Zhetigenov marks a significant step in dismantling the BoxyCharm pyramid scheme. Authorities continue to investigate, with the organizer's detention expected to help uncover more details. Meanwhile, over 180 victims await justice and the recovery of their losses.

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