New financial scam in Uzbekistan: “Uzbekiston investuz” promises to multiply investments by 10 times in one hour

A new financial pyramid has emerged in Uzbekistan. The “Uzbekiston investuz” channel on Telegram promises to multiply people's money within an hour. The channel has posted videos of several individuals who invested money in the project and won substantial amounts.

One woman, who claimed to be a “project client,” stated: “I invested 1,250,000 UZS in ‘Uzbekiston investuz’. In one hour, I won 14,693,000 UZS. Thank you all!”

Another “client” said: “I invested 1,255,000 UZS in ‘Uzbekiston investuz’ and won 19,693,000 UZS in one hour. It’s a reliable game; you should also try it.”

To understand what kind of project this is and to review the conditions, we contacted the “business” leader as a client. The person who introduced himself as Muhammadfozil Qodirov emphasized that his operation is under state supervision. He also provided an ID card and a fake certificate and license created in Photoshop to convince us of the legitimacy of the project.

According to Muhammadfozil Qodirov, the project’s terms are very simple: you invest money and receive 10-13 times the amount back after one hour. The project has five tariffs: 300,000 UZS yields up to 5-6 million UZS, 500,000 UZS yields up to 6 million UZS, 800,000 UZS yields up to 8 million UZS, 1 million UZS yields up to 15 million UZS, and 1.5 million UZS yields up to 20 million som.

Investors are asked to deposit their money into a bank account opened in the name of a person named Akram Qurbonov.

“You transfer the money and submit the receipt. Then we start working. You will multiply your money within an hour. We have no losses. Our work is under state supervision,” emphasized Muhammadfozil Qodirov.

When asked how the money is multiplied, Qodirov responded, “We receive interest from the exchange.”

There is a high probability that Muhammadfozil Qodirov’s name and the associated ID card are fake. The only clear information is that the bank card holder, Akram Qurbnov, is a real person.

This “business” is clearly another financial pyramid. It operates on a scheme where money is collected from new investors, who are promised returns based on the funds of others, with the scheme collapsing when large sums are accumulated and suddenly disappearing.

Law enforcement agencies need to investigate “Uzbekiston investuz,” which is openly deceiving people through social networks. If not addressed in time, many more individuals could fall victim to this scam – another financial pyramid.

Additionally, the responsibility of those creating video testimonials claiming “I invested so much and received so much” should be reviewed. These individuals are convincing others and fueling the financial pyramid scheme.

Kun.uz urges fellow citizens not to invest in such unreliable, unguaranteed, and dangerous schemes.