Investment Scams in Uzbekistan
Fraudulent investment schemes in Uzbekistan exploit economic liberalisation and growing investor interest to sell fake forex, crypto, and business venture opportunities.
Part of: Investment Scams
Last reviewed: 1 June 2026
Uzbekistan has undergone significant economic reform since 2016, opening to foreign investment and expanding its digital economy. This modernisation has created genuine investment opportunities — and a fertile environment for fraudsters who sell fake versions of real-looking investment products to citizens eager to participate in the country's growth.
Limited financial literacy around modern investment products, combined with a rapidly expanding social media ecosystem, means that new investment fraud schemes spread quickly through trusted Telegram and Instagram networks.
How this scam works on Uzbekistan
Investment scams in Uzbekistan most commonly take the form of fake forex and crypto trading platforms promoted by Telegram channel operators who present themselves as successful traders. Victims are shown fabricated profit charts and testimonials before being invited to deposit through an unofficial channel.
Multi-level-marketing-style investment schemes are also prevalent, promising escalating returns for recruiting new participants. These circulate through family and community networks in Tashkent, Samarkand, and Fergana, exploiting trust between participants.
Fake participation in Uzbekistan's growing tech startup ecosystem is also used as bait: scammers promote early-stage investment opportunities in supposedly Tashkent-based fintech or agritech startups, collecting funds and then disappearing.
Common red flags
- Promised returns of 20–50% monthly from a Telegram-promoted trading channel
- Investment returns depend primarily on recruiting new participants
- Startup investment offered informally via social media with no verifiable company registration
- Withdrawal from trading platform requires payment of additional fees
- Promoter claims insider access to restricted currency or commodity markets
- No registration with the Central Bank of Uzbekistan or the Capital Markets Development Agency
How to protect yourself
- Check that any investment firm is licensed by the Capital Markets Development Agency of Uzbekistan
- Be sceptical of Telegram-channel investment promotions regardless of follower count
- Withdraw a small test amount before committing larger sums to any platform
- Research any startup investment through Uzbekistan's official business registry
- Seek advice from a registered financial adviser before investing
How to report it
- Report to the Capital Markets Development Agency of Uzbekistan
- File a complaint with the Ministry of Internal Affairs cybercrime department
- Report fraudulent Telegram channels to Telegram's abuse reporting system
Frequently asked questions
Is forex trading legal for individual investors in Uzbekistan?
Uzbekistan has been liberalising its currency regulations. Check the current legal framework with the Central Bank of Uzbekistan, as platforms claiming to bypass remaining restrictions are a red flag.