An unusual scene unfolded on the morning of November 12 in the Kazakh capital, Astana, when a suitcase filled with banknotes resembling US dollars was thrown from a building window. The footage quickly spread on social media, and shortly afterwards authorities confirmed the arrest of two senior officials of the country, suspected of involvement in a corruption case.

They are Nurlan Zhakupov, head of the state-owned Samruk-Kazyna wealth fund, and Elzhas Otynshiev, head of the national railway company Kazakhstan Temir Zholy (KTZ). Kazakhstan's National Security Committee confirmed that the two were detained on November 11, along with other people.

According to the official announcement, the arrests were carried out by the Anti-Corruption Service, on suspicion of committing criminal acts of corruption. The authorities indicate that investigative actions are underway to clarify all the circumstances of the case, but have not provided concrete details on the charges against the two leaders.

Nurlan Zhakupov has been at the helm of the state fund Samruk-Kazyna since April 2023. He studied at the Moscow State Institute of International Relations (MGIMO), where he graduated in International Economic Relations in 2001.

He began his career in the financial sector, working for well-known companies and institutions such as ENRC, Chambishi Metals in Zambia, Credit Suisse and RBS Kazakhstan. He then held management positions at Tau-Ken Samruk, Kazatomprom and other investment institutions.

While Elzhas Otynshiev took over the leadership of the national railway company Kazakhstan Temir Zholy in July 2026. He previously worked at the Samruk-Kazyna fund, where he dealt with strategy, investments and asset management.

Otynshiev began his career in 2007 as a consultant at Ernst & Young in Moscow. He then worked for several years at Samruk-Kazyna and its affiliated institutions, overseeing the investment portfolio in key sectors of the economy.

The Samruk-Kazyna Fund manages some of Kazakhstan's largest state assets, including companies in the oil and gas, energy, industry, mining, and transport sectors.

The arrest of the two senior executives has attracted attention due to the importance of the institutions they headed, while investigations are expected to reveal whether there is a connection between the footage of money thrown out the window and suspicions of corruption. So far, both are considered suspects and there is no final judicial decision against them.

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