A major fraud case in Kazakhstan has ended with a court ruling against a businessman accused of defrauding a Swiss investor out of billions of tenge.

The case involves Swiss citizen Cornelia Luc Jarczyk, who lost control of her share in a mining company after what prosecutors say was a large-scale fraudulent scheme, The Caspian Post reports via Kazakh media.

The fraud took place in 2016 when a Kazakh entrepreneur used falsified documents to sell 80% of the investor’s stake in UK Rinkom LLP for just 63 million tenge.

The company operated in the Ulytau Region and was involved in the development of an iron ore deposit.

On April 27, 2026, a court found the defendant guilty of large-scale fraud and sentenced him to six years and eight months in prison. Authorities also ordered the confiscation of assets obtained through illegal means.

The court fully upheld the investor’s civil claim worth 3.5 billion tenge, marking a significant legal victory in one of the country’s high-profile investment fraud cases.