Tashkent developer defrauds nearly 300 people as losses exceed UZS 97 billion

According to law enforcement authorities, the Eco Dream residential complex, launched in 2020, was effectively operated as a fraudulent scheme. Despite collecting substantial payments from buyers over several years, the company failed to deliver apartments to a significant number of investors. One victim said she had paid the full price of her apartment, yet five years later construction remains incomplete, adding that the developer repeatedly issued assurances that never materialized.

The investigation found a substantial gap between the funds collected and actual construction progress. As of March 2026, only UZS 37.4 billion had been allocated to building works, while the remaining funds were allegedly misappropriated by company officials.

Criminal proceedings have been initiated against nine individuals linked to Glamour Gold LLC. They face multiple charges under Uzbekistan’s Criminal Code, including embezzlement, large-scale fraud, document forgery, and abuse of authority within a non-governmental organization. The suspects have been taken into custody as the investigation continues.

To secure potential compensation for victims, authorities have seized assets belonging to the suspects. These include several former nightclub properties: Opera in Yunusabad district, valued at UZS 15.3 billion; Shambala in Mirzo-Ulugbek district, valued at UZS 28.5 billion; and Utopia in Sergeli district, valued at UZS 21.3 billion. Vehicles worth approximately UZS 300 million have also been impounded.

Officials said the defendants retain additional assets, including around 300 apartments, which may be liquidated to facilitate restitution. Individuals who believe they may have been affected are encouraged to contact the relevant internal affairs authorities to file a complaint.