Case 003Banking historyUzbekistan
The Banks That Couldn’t Fail
How Uzbekistan lost people’s savings without a single famous bank collapse.
Read the case file 15 October 2026 · 3 min read
Case files
3 published
- No. 001How Hollywood, Fine Art, and the FBI Intersected in the World’s Biggest Kleptocracy ScandalMalaysia · United States4 min
- No. 002The Super App Showdown: How a Tashkent Fintech Ended Up in Bankruptcy Court, International Arbitration, and on Interpol’s ListUzbekistan3 min
- No. 003The Banks That Couldn’t FailUzbekistan3 min
- No. 004In preparation
About Unobserved
The economy is more than the numbers that get reported.
Long-form analysis of the economy the official numbers miss: financial crime, kleptocracy, and regional financial history.
Tips, documents and corrections: unobserved.team@gmail.com
Financial crime
How public money leaves public hands — and where it lands.
The unobserved economy
Activity that never shows up in GDP, tax records or official statistics.
Regional financial history
The decisions, booms and scandals that shaped Eurasia’s economies.