Tashkent fraud scheme leaves 300 homebuyers affected

Tashkent, Uzbekistan (UzDaily.com) — Law enforcement authorities in Tashkent have uncovered a large-scale fraud scheme linked to the construction company Glamour Gold, according to the city’s Main Department of Internal Affairs. Around 300 citizens were affected, with total damages estimated at approximately 97 billion soums.

Investigators found that the Eco Dream residential complex project, launched in 2020, was accompanied by violations and signs of a fraudulent scheme. Despite making regular payments over several years, a significant number of buyers did not receive the promised housing.

According to the investigation, the company raised funds from the public under the pretext of residential construction but systematically failed to meet its obligations. By March 2026, only 37.4 billion soums had been directed to construction, while the remaining funds were allegedly misappropriated.

Nine company officials have been named as suspects in the criminal case. They face charges under multiple articles of the Criminal Code, including embezzlement, fraud, forgery and use of documents, as well as abuse of authority in a non-state organization.

All suspects have been placed in pre-trial detention. Investigators have also taken measures to secure potential compensation for affected citizens, including the seizure of assets belonging to the defendants.

Among the seized assets are the former “Opera” nightclub in Yunusabad district valued at 15.3 billion soums, the “Shambala” property in Mirzo-Ulugbek district worth 28.5 billion soums, and “Utopia” in Sergeli district valued at 21.3 billion soums. Vehicles worth around 300 million soums have also been seized.

Investigators further identified around 300 apartments owned by the defendants, which may be sold to compensate the victims.

Citizens who may have suffered from the actions of Glamour Gold officials have been urged to contact law enforcement authorities. Their claims will be reviewed in accordance with established procedures.