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All Journal Jurnal Cita Hukum
Khanov, Talgat
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Religion Humanities Law, Crime, Criminology & Criminal Justice Social Sciences Other

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Difficulties in the Legal Qualification of Fraud: Financial Pyramids and Multi-Level Marketing Gabbassali, Botagoz; Kaliyev, Askar; Tokubayev, Kuandyk; Khanov, Talgat; Biyekenov, Nurlan; Karipova, Assel
Jurnal Cita Hukum Vol. 13 No. 3 (2025): Winter Edition (In Press)
Publisher : Fakultas Syariah dan Hukum, UIN Syarif Hidayatullah Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/jch.v13i3.49204

Abstract

This article examines the legal challenges in identifying two types of schemes: classic financial pyramids and commodity financial pyramids. A comparative-legal analysis shows that financial pyramids are often disguised as legitimate businesses, namely, multi-level marketing. The study focuses on describing the differences between lawful multi-level marketing practices and illegal pyramids based on such criteria as misleading investment offers, the lack of economic value creation, and the continuous need to attract new investors. The results indicate that current legislation in many jurisdictions lacks uniform standards for defining and prosecuting financial pyramids, which often leads to difficulties in the legal qualification of criminal offenses
Co-Authors Biyekenov, Nurlan Gabbassali, Botagoz Kaliyev, Askar Karipova, Assel Tokubayev, Kuandyk