Individuals involved in the illicit diversion of 1.4 billion soums of loan capital were detected

Individuals involved in the illicit diversion of 1.4 billion soums of loan capital were detected in the Khorezm region, as reported by the Department of Combating Economic Crimes.

During an event organized by the Khorezm regional office of the department, it was revealed that individuals linked to the "A.D." family enterprise artificially inflated the price of imported poultry equipment using loans secured under state guarantee. They misrepresented that poultry equipment valued at 1.1 billion soums was intended for 50,000 poultry, while a loan of 2.5 billion soums from a regional commercial bank was transferred to "Sh.Y.," a foreign company. Through this scheme, they embezzled a total of 1.4 billion soums of loan funds.

"In response to this development, a criminal case has been initiated under Article 167 of the Criminal Code (embezzlement) and Article 205 (abuse of power), with investigations ongoing," stated the department.

Recall that previously in Khorezm, an individual who fraudulently took $1,300 and 1.2 million soums from three individuals by promising driver's licenses without examination was apprehended with physical evidence.