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JSC "Damu Entrepreneurship Development Fund" (hereinafter – the Fund) places utmost importance on its business reputation and clearly understands that clients and partners expect the Fund to perform its duties honestly, fairly, and impartially, as well as to effectively implement state business support programs.

To ensure proper compliance with the legislation of the Republic of Kazakhstan, the Fund has established an Anti-Corruption Compliance Service, which is part of the corporate governance system and is responsible for managing compliance risks and organizing the anti-corruption system within the Fund.

The main task of the Anti-Corruption Compliance Service is to foster an anti-corruption culture within the Fund and promote the principles of integrity and zero tolerance towards corruption. As part of this work, the Compliance Service conducts awareness-raising activities and training seminars for the Fund's employees, monitors compliance with anti-corruption legislation, regulates issues related to conflicts of interest and the giving/receiving of gifts, reviews reports from individuals and legal entities on violations of the Code of Business Ethics, instances of corruption, and other illegal actions, conducts internal investigations based on such reports, and informs the Fund's management about any known instances of misconduct by employees.

In order to prevent and detect cases of fraud, corruption, and other violations that may harm the interests or reputation of the Fund, the "Damu" Fund has established a "Confidential Hotline".

Every report received is subject to mandatory verification. Confidentiality and anonymity are guaranteed. If you provide your contact details, we will inform you of the results of the review.

Employees, contractors of the Fund, as well as any third parties may report cases of corruption, fraud, or other violations to the Anti-Corruption Compliance Service through the following channels, which ensure confidentiality and anonymity:

  • Feedback
  • senim@fund.kz
  • +7(727) 244 82 71
  • 57 Akhmet Baitursynov Street, Bay Plaza business center, Astana, the Republic of Kazakhstan, 010000

Documents

Type Title Actions
Information Security Policy of JSC "Damu" Entrepreneurship Development Fund Open
Brief analytical report on the results of the internal analysis of corruption risks of «Damu» Fund» JSC Open
Regulations on the Anti-Corruption Compliance Service Open
Anti-Corporate Fraud and Corruption Policy Open
Results of anti-corruption monitoring of JSC "Entrepreneurship Development Fund "Damu" Open

Articles

Protecting Your Business: How to Avoid Falling Victim to Fraudsters Impersonating the Damu Fund

Damu Entrepreneurship Development Fund JSC warns entrepreneurs and citizens of Kazakhstan about the increasing prevalence of fraudulent schemes. Fraudsters misuse the Fund’s branding, logos, and the names of government programs to extort money and gain unauthorized access to confidential information.

All advisory services provided by the Damu Fund are offered free of charge. The Fund does not accept payments from citizens for document preparation, the provision of guarantees, or the acceleration of application review procedures.

Common Fraudulent Schemes

No. 1. “Intermediaries Guaranteeing Approval” Scheme

How the scheme works:

  • Initial contact: Fraudsters approach entrepreneurs through social media, messaging apps, or phone calls, presenting themselves as “certified experts” or “former Damu employees.”
  • Promise of a 100% result: They guarantee approval of a preferential loan, grant, or subsidy, claiming to have “connections with the commission and banks.”
  • Advance payment request: Fraudsters demand an upfront payment for a “guaranteed positive decision” or to “speed up the process.”
  • Delaying tactics: After receiving the money, the “intermediaries” create the appearance of actively working on the case and then eventually stop responding.

Important to remember: Decisions on financing approval are made by banks and the Fund’s independent credit committees. No third-party consultant can guarantee that your application will be approved.

Scheme No. 1. Intermediaries guaranteeing approval
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No. 2. “Data Falsification and Illegal Cash-Out” Scheme

How the scheme works:

  • Falsifying a company profile: Fraudsters offer to “help” circumvent restrictions related to economic activity codes (OKED), prepare falsified financial statements, or arrange a loan through a fictitious legal entity.
  • Obtaining financing: Based on falsified information, a bank or the Fund provides preferential financing intended for the implementation of a business project.
  • Creating fictitious documentation: To conceal the misuse of funds, fraudulent contracts, certificates of completed work, and invoices are issued on behalf of shell companies.
  • Cash-out and associated risks: The funds are illegally converted into cash, making the entrepreneur a direct participant in a criminal scheme.

Important to remember: The use of forged documents and fictitious contracts may result in criminal liability, cancellation of government support, and a demand for immediate repayment of the entire loan amount together with penalty interest.

Scheme No. 2. Data falsification and illegal cash-out
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No. 3. “Consumer Loans to Improve Credit History” Scheme

How the scheme works:

  • Attractive offer: You are offered an easy way to “improve” or “repair” your credit history in order to subsequently obtain a large preferential loan through Damu.
  • Purchasing goods on credit: Fraudsters persuade you to take out a consumer or retail installment loan in your own name to purchase expensive electronics or household appliances.
  • Handing over the goods: Under the pretext of “reselling the goods to generate turnover” or “earning a commission,” you hand the purchased goods over to the fraudsters, who promise to repay the loan on your behalf.
  • The outcome: The fraudsters disappear with the goods, leaving you with actual debt to the bank and a damaged credit history.

Important to remember: The Damu Fund never requires borrowers to take out consumer or retail loans in order to assess their creditworthiness.

Scheme No. 3. Consumer loans to improve credit history
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No. 4. “Telephone Fraud and Fake Investments” Scheme

How the scheme works:

  • Monitoring borrowers: Fraudsters track information about entrepreneurs who have received financing approval.
  • A call from the “security service”: Fraudsters impersonate employees of the Fund or a bank and confirm that the financing has been approved or disbursed in order to gain your trust.
  • Fake investments: You are offered an opportunity to “temporarily and profitably invest” unused loan funds in supposedly reliable, high-yield “securities” or “partner funds.”
  • Loss of funds: Once the designated loan funds are transferred to accounts controlled by the fraudsters, all communication with them ceases.

Important to remember: Employees of the Damu Fund and banks do not offer clients investment services, ask them to purchase securities, or instruct them to transfer loan funds to third-party accounts.

Scheme No. 4. Telephone fraud and fake investments
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No. 5. “Transfer of Digital Signature Keys and Theft of Personal Data” Scheme

How the scheme works:

  • Pretext for obtaining access: Fraudsters ask you to send them your digital signature (EDS) files and passwords under the pretext of “quickly and correctly completing the application.”
  • Full access: Once they obtain your digital signature, fraudsters gain full access to your personal accounts on government portals and banking services.
  • Unauthorized activities: Without your knowledge, they may register fictitious LLPs or individual businesses in your name, sign third-party agreements, take out loans, or transfer assets.
  • Consequences: You may only discover what has happened after receiving claims or notices from government authorities or notifications of outstanding loan debts.

Important to remember: Your digital signature (EDS) is the legal equivalent of your handwritten signature. Sharing your digital signature with third parties is strictly prohibited and exposes your business to critical risks.

Scheme No. 5. Transfer of digital signature keys and theft of personal data
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