Kazakh police have arrested a 45-year-old man in Shymkent who was wanted internationally in connection with an investment fraud involving more than 4 billion tenge (approximately $8 million).

The suspect and several accomplices raised money from citizens by promising to build a multi-apartment residential complex in Astana, Zakon.kz reports.

However, construction was reportedly carried out without the required permits or a positive conclusion from the state expert review.

Investigators have identified 292 people who suffered financial losses in the case. The total damage is estimated at more than 4 billion tenge.

Police said the man had been hiding in Shymkent for an extended period, frequently changing his rented accommodation in an attempt to avoid detection.

The suspect has been placed in a temporary detention facility.