Organized group behind massive VAT fraud and money laundering exposed in Azerbaijan
Akbar Novruz
Read moreA large-scale financial crime has been uncovered in Azerbaijan, involving an organized group that laundered criminally obtained funds and embezzled value-added tax (VAT), Azernews reports via the Prosecutor General's Office.
According to the investigation, the group deceived over 300 vulnerable individuals, registering at least 777 legal entities and 103 individuals in their names without the intention of conducting legitimate business. Through these entities, the group carried out extensive non-commercial financial transactions, falsified positions, weakened state financial controls, and legalized illegal income. The scheme caused over 81.5 million manats in economic damage and resulted in the fraudulent appropriation of more than 8 million manats in VAT.
A total of 30 individuals, including leading members of the group, have been charged under Articles of the Criminal Code related to fraud, false entrepreneurship, and legalization of criminally obtained property. Ten defendants were placed in pre-trial detention, while others face alternative measures. Authorities are also searching for several defendants who have evaded investigation.
The preliminary investigation into this case is ongoing.
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