New financial pyramid scheme Ml Share targets thousands of Uzbeks under the guise of charity

According to investigations and monitoring by local media, Ml Share mirrors earlier schemes such as OMD, PGM, and XCM, which collapsed in succession over the past year after attracting thousands of participants with promises of easy income. Each closure left large numbers of victims facing significant financial losses, in some cases amounting to hundreds of millions of soums.

A familiar pattern

The most recent case follows the shutdown of the XCM pyramid in mid-December 2025. Almost immediately afterward, Ml Share emerged, adopting the same operational model and promotional tactics. Participants are encouraged to invest money in staged packages, from J1 to J9, and earn daily income by completing simple online tasks such as viewing advertisements or liking content.

Under the scheme’s promotional materials, a participant investing UZS 285,600 at the lowest J1 level is promised daily earnings of UZS 9,520, while those investing up to UZS 680 million at the highest tier are promised daily returns exceeding UZS 24 million and annual earnings of more than UZS 8 billion. Additional bonuses are offered for recruiting new participants.

Charity as a recruitment tool

Like its predecessors, Ml Share has intensified its outreach through so-called charitable activities. In recent weeks, banners promoting the platform have appeared at various public events across the country, including gatherings framed as charitable aid distributions.

In some cases, residents receive small quantities of basic goods, such as matches, eggs, or cooking oil, while unknowingly being used to promote the platform. Group events, often organized around shared meals, have also multiplied, with expenses reportedly covered by those behind the scheme.

Promotional activity has expanded into social media groups and, alarmingly, even reached educational and training institutions, according to observers.

Targeting Uzbekistan specifically

Analysts note that Ml Share appears to be designed specifically for the Uzbek market. The platform’s interface and promotional materials are fully localized in Uzbek, alongside Russian and English language options. Its main Telegram channel began posting announcements on December 4, 2025, and quickly amassed more than 30,000 subscribers.

This rapid uptake has reinforced suspicions that the same network may be operating successive pyramid schemes under different names, replacing one platform with another as soon as the previous one collapses.

Growing tolerance for high-risk schemes

Experts warn that a segment of the population has developed a form of dependence on such schemes. In online communities dedicated to analyzing financial platforms, discussions increasingly focus not on whether a project is a pyramid, but on how long it might continue operating before collapsing.

This trend suggests a growing normalization of participation in fraudulent schemes, which could have broader economic consequences if left unchecked, as millions of soums are diverted from households and legitimate economic activity.

Enforcement concerns

President Shavkat Mirziyoyev has repeatedly criticized the lack of visible results in combating cybercrime and financial fraud. During a videoconference meeting, he noted that cybercrimes caused nearly UZS 2 trillion in damages to citizens last year, while detection rates remained below 8 percent. He also warned that organized crime groups are increasingly operating under the guise of legitimate business, including through financial pyramids.

Despite these warnings, law enforcement and cybersecurity authorities have so far maintained that action requires formal complaints from victims. Legal experts note, however, that Article 188-1 of Uzbekistan’s Criminal Code provides for up to 10 years in prison for organizing financial pyramids, and that criminal cases can be initiated without victim complaints under the Criminal Procedure Code.