Azerbaijan Uncovers $48 Million Embezzlement and Money Laundering Scheme

Azerbaijani authorities have dismantled an organized criminal network accused of laundering illicit funds and committing large-scale tax fraud, leading to state losses surpassing 81.5 million manats (around $48 million), The Caspian Post reports citing local media.

The Prosecutor General's Office announced that the investigation revealed the group exploited the identities of more than 300 socially vulnerable individuals to register 777 companies and 103 sole proprietorships that were, in fact, inactive. These shell entities were used to conduct fictitious financial transactions and launder illegally obtained funds.

According to officials, the fraudulent activities included the misappropriation of over 8 million manats from the state budget through tax evasion schemes.

Thirty individuals, including the ringleaders, have been charged under multiple articles of the Azerbaijani Criminal Code, covering large-scale fraud, illegal entrepreneurship causing significant damage, and organized money laundering. Ten have been detained by court order, while others face alternative legal measures, and several remain at large.

The investigation is ongoing.