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An underground bank revealed in Azerbaijan –Prosecutor General s Office intervened in case

12.11.2019,11:23


November 12, Fineko/abc.az. A financial institution engaged factually in the banking activity, but operating covertly, has been discovered in Azerbaijan. 

The Prosecutor General's Office press service informed ABC.AZ that on the basis of information received by the Main Anti-Corruption Department a network, engaged in illegal money transfers was revealed during the operational and investigative measures. 

 

The network, operating without state registration, that is, tax accounting and licensing, rendered services on the illegal receipt of funds from individuals for a certain fee their transfer to third parties at the request of these persons. The main activity of the network was money transfers between Azerbaijan and Turkey.
In the course of operational and investigative activities, it became clear that the network, led by Rashad Iskenderov was engaged in banking activities in 2018-2019. He together with Mustafa Kilic Murat oglu and a group of others set up an office in Binagadi district of Baku. They also engaged in the reverse transfer of funds accepted by similar groups operating in Turkey to individuals in Azerbaijan. In less than 2 years the network transferred $88.74 million and EUR 6.11 million from Azerbaijan to Turkey and back, that is, a total of AZN 162.7 million. 14,553 transfers were carried out between the two countries. The investigation found out that as a result of this illegal operation, the owners of the network received income in the amount of AZN 1.344 million.