Broken promises: How 'Credit House' left buyers homeless

Officials of "Credit House" and "In Fin Stroy Invest" LLC, companies that entered into agreements with construction firms in Tashkent and resold these properties to customers on installment plans, are suspected of embezzling the funds of thousands of citizens. Kun.uz spoke with affected individuals to understand the current situation and investigate who is behind this dubious business operation.

"Neither a home nor my money"

"In November 2024, I saw an advertisement for 'Credit House' on Instagram and became interested. A manager named Anora persistently called me. Eventually, on December 20, I visited their office. They promised to help me purchase a home from the secondary market. I paid $25,000 in cash. The payment was made in a dark room on the fifth floor of their office building, where there were no security cameras. A man, following the instructions of a company executive named Shoira, counted the money. At that moment, we started to feel suspicious. After going downstairs, they issued us a receipt confirming the payment. However, soon after, their attitude changed. Shoira denied receiving the money and threatened me, saying, 'Go wherever you want.' Since then, I have neither my money nor the promised home. According to our contract, they were supposed to provide the home within 20 working days after receiving 30% of the payment, but they failed to fulfill their obligation and are refusing to return my money. About 15 days ago, I filed a complaint with the Tashkent City Police Department, but I have not received any response yet," said one complainant.

Another victim reported paying $31,800 on January 27.

"By February 20, 'Credit House' was supposed to pay the homeowner $63,000 for the property I wanted to purchase, but they did not make the payment. As a result, the seller canceled the deal. Now, I cannot get my money back," he said.

In an interview with Kun.uz, "Credit House" director Klara Tolipova attributed the issue to the company entering the secondary housing market too soon. The situation involving customers who purchased homes from this market remains serious.

One victim paid $23,000 and even moved into their new home. However, because "Credit House" did not transfer the agreed amount to the original homeowner, the victim was evicted from the property.

Payments never reached the construction companies

Serious doubts also surround "Credit House" regarding its involvement in the newly built housing market. A customer, B.T., told Kun.uz that in April 2024, he made an initial payment of 200 million UZS to purchase an apartment in the Yangi Darkhon residential complex.

"I was supposed to pay the remaining amount in installments over 120 months, at 6.7 million UZS per month. The construction firm completed the building in October, and the property registration documents were issued in December. So far, I have paid a total of 306 million UZS to 'Credit House,' yet not even 1% of this money has been transferred to the developer's account.

The construction company warned 'Credit House' that if the funds were not transferred by January 10, the apartments would be put up for sale. Later, company representatives claimed the money was frozen in the bank and asked for patience. However, nothing has changed, and we are struggling. Whether someone goes to jail or not is irrelevant to us—we just want our homes or our money back," he said.

"They took me to court for demanding my money"

"Credit House" even filed a lawsuit against a customer who demanded a refund. According to a victim who spoke with Kun.uz, in August 2023, they signed an agreement with "In Fin Stroy Invest" (a firm connected to "Credit House") to purchase a home from the primary market and paid an initial deposit of 300 million UZS. Although the contract stated that property registration would be completed within 2-3 months, this did not happen. Losing patience and trust, the victim requested a full refund of 440.5 million UZS in September 2024. The company assured him that the money would be refunded within 60 days, but no payment was made. When he inquired again in November, company officials claimed they had no funds and promised to resolve the issue by January 2025.

"When I visited 'Credit House' in January 2025, I immediately noticed their attitude had changed. They told me they would not return the full amount and would deduct 100 million UZS. I became furious, reminding them that it was their fault the property registration was not completed. I started feeling unwell and went home. Later, I found out that they had taken me to court in December. I missed the first hearing, and the second one is scheduled for March 19. The company is under investigation for large-scale fraud, yet they are suing me for simply demanding my money back!" he said.

Some customers who received homes with completed registration documents later discovered that their properties had been used as collateral for bank loans. Officials from "Anorbank" and "Apexbank" visited these homeowners, informing them that loan payments had been defaulted in recent months.

The "1+1" promotion

During the last three months of its operation (November 2024 – January 2025), "Credit House" aggressively collected large amounts of cash from customers. The company launched a "1+1" promotion, promising that a payment of 50 million UZS would be counted as 100 million UZS, while a payment of 40 million UZS would be doubled to 80 million UZS. Many clients fell for this offer and rushed to make large payments.

Additionally, significant sums were collected in foreign currency under the pretense of purchasing properties from the secondary market. It remains unclear whether these funds were deposited into the company's accounts. Kun.uz possesses video evidence showing company employees accepting large amounts of foreign currency in cash.

Fraud charges filed

According to Shokhrukh Giyosov, spokesperson for the Ministry of Internal Affairs, a criminal case has been initiated against the officials of "Credit House" and "In Fin Stroy Invest" LLC under Article 168, Part 4 (a) (Fraud) of Uzbekistan’s Criminal Code.

"On February 5, 2025, a criminal case was opened against B.D., the head of 'In Fin Stroy Invest' and 'Credit House,' and other company officials. B.D. has been charged with large-scale fraud and has been taken into custody. Investigations are ongoing, and measures are being taken to identify all responsible individuals and recover the damages," the Ministry stated.

Who is behind this scheme?

Kun.uz attempted to verify the identity of B.D., the arrested official. He is believed to be Dmitry Viktorovich Bazhenov.

Foreign sources indicate that a person with this name was previously convicted of large-scale fraud in Russia. In July 2009, Bazhenov reportedly impersonated his cellmate during a court hearing and escaped from Detention Center No. 4 in Moscow. He remained on the run for about a year before being arrested near the 'Proletarskaya' metro station in Moscow on August 12, 2010.

Victims claim that company representative Shoira Rahimova admitted that Dmitry Bazhenov had served time in Russia for fraud but insisted that he was "wrongfully convicted."

Customers were initially promised that their issues would be resolved by March 1, but the deadline was later extended to March 10. No concrete progress has been made. Company representatives claimed that the State Financial Control Inspection was reviewing their accounts, but official sources deny conducting any such audit.

Kun.uz will continue monitoring the case.