Scams and ‘KazMunaiGas’: How the Legitimate Company Suffers from Fraudsters’ Schemes and Tips to Spot Swindlers from a Mile Away

Expert’s opinion 

Trust only kmg.kz for KazMunayGas securities investments. Other domains claiming to offer investment opportunities are likely scams, except for news sites discussing the brand’s initiatives and scams exploiting it. Invest in KazMunayGas through licensed KASE brokers. For bonds, find secondary market brokers, typically licensed. Avoid investing through unreliable sites; it’s risky and hard to recover losses.

KazMunaiGas Overview 

KazMunaiGas, Kazakhstan’s national oil company, emerged in 2002 from Kazakhoil and the Oil and Gas Transportation department. Specializing in gas and oil extraction, processing, and sales, it doesn’t offer brokerage or investment services, except through brokers for its own securities. With over a dozen subsidiaries, KazMunaiGas owns 100% of Rompetrol and Aktobe Oil Service Company shares. Financially stable, it reported over a billion dollars in net income in 2015.

Investing in KazMunaiGas can be profitable; its securities are considered blue-chip with a positive performance trend. However, its fame has attracted many scammers. These fraudsters create fake ads and phishing sites, luring people into investing in non-existent securities. Victims often realize the scam only when dividends don’t materialize. Some scammers also collect contact details through surveys, promising significant payouts, or claim prize winnings that require a commission payment, ultimately benefiting the fraudsters.

Reviews about scammers who named themselves as KazMunaiGas

A few years ago, KazMunaiGas launched a public IPO, allowing citizens to buy company shares and earn through retention and dividends. This move was quickly exploited by scammers, leading to numerous fake schemes and complaints online.

For instance, on Instagram, a user reported ads for a non-existent “Kazmunaygaz Invest,” promising high dividends from mineral development. These scams are part of a wider trend of fraudsters leveraging popular brand names to deceive investors.

An article on nur.kz revealed another scam story involving KazMunaiGas. The scheme, exploiting the company’s name, targets large entrepreneurs and well-known brands, luring victims with tales of high dividends. The author shared how their mother nearly fell for such a scam but was fortunately stopped in time. This story highlights the ongoing issue of fraudsters using reputable company names to deceive people.

On vsyapravda.net, comments under a video exposing fake investment ads on YouTube highlight a concerning trend. One comment warns of the emergence of fake law firms, in addition to bogus brokers.

A person reported being relentlessly targeted by scammers for a month, receiving up to five calls daily pushing investments. Despite attempts to refuse, the scammers persist.

Additionally, an advertisement for Rating Forex lawyers claims they can quickly and free of charge recover funds mistakenly given to scammers under the guise of investing in KazMunaiGas. They promise to help victims reclaim their capital from such frauds.

Cooperation terms

To earn with KazMunaiGas, one straightforward method is to open an account with a broker who has access to the KASE (Kazakhstan Stock Exchange), where KazMunaiGas’s securities are traded. This approach allows for direct investment in the company’s stocks.

Recently, KazMunaiGas shares reached a capitalization peak before declining again. This presents an opportunity for short selling. When the shares hit their lowest, it’s a good time for long-term investments, as KazMunaiGas consistently pays dividends. This is evident from systematic price drops when dividends are paid.

KazMunaiGas stocks are ‘blue chips’, meaning they are highly liquid with significant market capitalization, usually belonging to large or state-owned stable companies. They’re a reliable investment for beginners or those wanting a conservative portfolio. While not yielding high returns, they are unlikely to plummet. Another investment option is KazMunaiGas bonds. 

Rating Forex notes that bonds are a defensive investment, offering coupon income that helps offset inflation. They are popular in portfolios focused on capital preservation.

New trap – How KazMunaiGas returns national debt?

When the fake investment scheme was exhausted, scammers devised a new fraud involving KazMunaiGas. They falsely claimed the company was distributing part of its profits to repay the national debt.

The scam involved filling out a form to receive payments, followed by a request to pay a commission for fund transfer. This money went straight to the fraudsters. Rumors suggest these scammers also distributed malware, stealing not only money but also valuable personal information like phone numbers, emails, and names, turning these into another source of income.

Fictitious refund

Victims of scams masquerading as KazMunaiGas were often later approached by fake law firms. These firms, for a small advance fee, promised to help recover the stolen funds. Frequently, people didn’t question how these lawyers obtained their contact information. In reality, these swindlers were connected to the same fraudsters who sold the fake investments. This supposed assistance in recovering funds was just another scheme to extract money.

To wrap up

KazMunaiGas’s promotion of stock buying was quickly exploited by scammers, leading to a warning on its official site about investment scams. Rating Forex advises caution, as such schemes target those unaware of how stocks work and can lead to total financial losses.