Jourabek Okhounov, the head of Tajikistan's largest real estate company Movarounnahr has been sentenced to 14 years in prison.
Tajikistan's Supreme Court found Okhounov guilty of large-scale fraud, illegal entrepreneurship and misappropriation of property on July 5, Asia Plus reports.
Okhounov was arrested in November 2010 on fraud charges after around 600 people complained that Movarounnahr had not built apartments they had paid for in advance.
As the criminal investigation continued, he was later charged in September 2011 with embezzlement of TJS750,000 ($157,400) in government funds allocated for construction of two regional buildings.
In 2012, a third charge of causing damage to property by misappropriation or abuse of confidence was brought in January 2012.
Okhounov will serve seven years in prison after Judge Shavkat Abdulkhairov gave a partial amnesty, and Okhounov has already been in pretrial detention since November 2012.
Movarounnahr, Tajikistan's largest real estate developer, has been unable to operate since prosecutors froze its bank accounts and other assets in November 2011.