This study examines how financial pyramid schemes are addressed within the criminal law system of the Republic of Kazakhstan, with particular attention to their criminological characteristics. It reviews the existing legal provisions governing such schemes and assesses how effectively these norms are applied in practice during investigation and prosecution. In addition, the research considers the social and economic factors that motivate individuals to organize and sustain pyramid operations. The methodological approach is based on a qualitative and quantitative combination of judicial practice analysis, official statistical indicators, and interviews with legal scholars, law enforcement personnel, and victims of financial fraud. The results show that, despite recent improvements in legislation aimed at tightening control over fraudulent investment activities, serious difficulties remain at the enforcement stage. These challenges are especially evident in cases involving schemes that are concealed behind legitimate business structures or operate across national borders.