A major fraud case involving a foreign investor has been concluded in Kazakhstan, with a Kazakh businessman found guilty of defrauding Swiss citizen Cornelia Luc Jarchik.

According to the Prosecutor General’s Office, in 2016 the businessman carried out a transaction using forged documents, selling an 80% stake in UK Rinkom LLC-owned by the investor-for just 63 million tenge, The Caspian Post reports, citing Kazakh media.

The company operated in Kazakhstan’s Ulytau region and was involved in developing an iron ore deposit.

On April 27, 2026, the court ruled the man guilty of large-scale fraud. He was sentenced to six years and eight months in prison, and his criminally obtained property will be confiscated.

The court also fully upheld the investor’s claim, ordering compensation of 3.5 billion tenge.