Nine convicted in “Credit House” real estate fraud case

Nine individuals have been convicted in the "Credit House" fraud case, a high-profile scheme that emerged as one of Uzbekistan’s most significant financial scams of 2025. Dmitry Bazhenov, the identified organizer, was sentenced to nine years in prison, while three female defendants received suspended sentences.

Photo: Kun.uz

The verdict was delivered by the Yakkasaray District Criminal Court in Tashkent. According to the ruling, the defendants received prison terms ranging from 6.5 to 9 years, with one individual ordered to pay a fine. Three women were handed 6.5-year sentences, which were suspended for a three-year probation period.

The court has ordered full compensation for the victims. To cover the massive losses, authorities have executed asset forfeitures, seizing several vehicles:

Two Toyota vehicles valued at UZS 681 million (linked to Bazhenov and Alisher Shamsiddinov).
A Spark valued at UZS 93 million (owned by Shuhrat Mahamadov).
A Cobalt worth UZS 126 million (belonging to Gayrat Mirkamalov).

Additionally, all remaining funds held in the companies' bank accounts will be distributed among the claimants.

The investigation began in February 2025, focusing on the Tashkent-based entities “Credit House” and “In Fin Stroy Invest.” These companies posed as intermediaries, promising to purchase homes from developers and resell them to clients via favorable, long-term installment plans. Instead, officials misappropriated client funds. According to the Ministry of Internal Affairs, more than 860 victims were affected, with total losses estimated at UZS 182 billion.