Person accused of financial fraud sentenced

The trial of Kamil Ganbarov accused of financial fraud has ended in the Narimanov District Court of Baku, oxu.az reports.

At a meeting chaired by Judge Vusal Gurbanov, the verdict was read out. K.Ganbarov was sentenced to imprisonment for a period of six years suspended with a probationary period of two years and six months.

During the investigation, it was established that K. Ganbarov was engaged in banking activities in the absence of a license. For a fee, he provided illegal money transfer services to individuals, including in foreign currency, to third parties in Baku, Moscow, Kyiv, Tbilisi and Istanbul. The “bank office” was located in the Green Park residential complex in the Narimanov district of the capital at the address: K. Kazymzade street, house 7, apartment 29.

Between November 2019 and September 2021, the group carried out illegal circulation of funds in the amount of $625 million (slightly more than 1 billion manat at the official exchange rate of that period). The profit from this illegal business amounted to approximately 2.8 million manats.

In this regard, K. Ganbarov was charged under article 192.2.3 (illegal business committed by an organized group) of the Criminal Code of the Republic of Azerbaijan. He pleaded partially guilty to the charges.

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