RoyalBank management’s fraud uncovered - Details

16:42 - 18 Май 2020

May 18, Fineko/ The investigation of the criminal case initiated against RoyalBank Supervisory Board’s chairman Ali Jam and his son Fuad Jam, who held the position of general director, on the fact of embezzlement of money by giving fake loan agreements in the names of citizens and other circumstances in the Main Anti-Corruption Department under the General Prosecutor’s Office has been completed.

ABC.AZ reports with reference to the GPO that the investigation found out that Ali Jam and Fuad Jam, by prior agreement, using their official position, used their official position to transfer money transferred from the State Agency for Agricultural Loans to the RoyalBank’s account for giving agricultural loans during 2007-2012, entered deliberately false information in official documents and misappropriated AZN 8.5 million entrusted to them and allegedly given to 31 different legal entities and individuals.

As a result of the investigative and operational measures, they were charged under Articles 179.3.2 (embezzlement in a large amount), 313 (official fraud), 308.2 (abuse of official powers that entailed serious consequences) and 193-1.3.2 (legalization of money or other property in a large amount acquired by criminal means) of the Criminal Code.

The criminal investigation has been completed and sent to the Baku Court of Graves Crimes for consideration.