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The Prosecutor General’s Office has opened a criminal case for large-scale fraud (Part 4, Article 209 of the Criminal Code) against the owner of a company that issued digital tokens. The case was initiated based on materials from an investigation conducted by the Financial Investigations Department of the State Control Committee.
According to the case materials, the company owner — whose business produced plastic products used in construction — organized, together with other individuals, the issuance and placement of digital tokens of the company on an investment online platform between June and December 2022.
At least 530 Belarusian citizens purchased the tokens. Investigators allege that the suspect and his accomplices never intended to fulfill their obligations. They published promotional articles and a “White Paper” containing knowingly false information about the company’s financial performance, assets, and investment goals. In reality, the company did not engage in the declared business activities at any point during the token circulation period.
In February 2023, the redemption of the tokens and payment of returns were halted. As a result of these actions, the suspect and others allegedly misappropriated at least 1 million Belarusian rubles from investors.
In early September, Alyaksandr Lukashenka held a meeting on the development of the digital token sector. During the meeting, the issue of token-related fraud was raised. At that time, it was reported that an investigation was underway into a case involving the issuance of tokens by a Kazakhstani company. According to the head of the State Control Committee, Vasily Herasimau, the company had issued 16 series of tokens — payments were made on only four of them, while the remaining funds were transferred abroad. As a result, 1,600 Belarusian citizens suffered losses.