Prosecutor General’s Office disclosed a multimillion-dollar bank fraud

The General Department for Combating Corruption under the Prosecutor General disclosed the fact of embezzlement of funds taken from the bank in the form of a loan on behalf of different companies, haqqin.az reports quoting the press service of the Prosecutor General’s Office.

As a result of the operative-search activities, a criminal case was opened on suspicion of unlawful actions by Mamedgasan Tagiyev, director of the company “Baqira” and LLC “Export Council Azeritrade”, who, allegedly with the purpose of expanding the activities of companies and raising working capital, noted the property of these structures in as a subject of the mortgage, on the basis of which he received from Kredobank OJSC on the balance of the mentioned companies loan funds in the amount of 5 million 620 thousand manats and 4 million 500 thousand manats, which as a whole amounted to 10 million 120 thousand manats.

It is assumed that using the official position, M. Tagiyev spent the money for personal needs.

M. Tagiyev is charged under Article 179.3.2 (Assignment or embezzlement on a large scale, that is, stealing someone else property entrusted to the guilty) of the Criminal Code of Azerbaijan. By a court decision, a preventive measure in the form of arrest was chosen in his respect.

Currently, the necessary operational and investigative measures are being taken.

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