Financial pyramid scheme exposed: damage amounted to 500 thousand manat

The Main Department for Combating Cybercrime of the Ministry of Internal Affairs (MIA) of Azerbaijan received numerous complaints about the First Zenit Capital page, which, promising to increase invested funds through the international e-commerce platform Shopify, illegally appropriated citizens’ money, Oxu.Az reports with reference to the MIA.

During the investigation, it was established that this company was not engaged in investment projects, but operated according to a financial pyramid scheme, misleading people with promises of high profits. To attract new participants, advertisements and tempting announcements about “profitable investments” were regularly posted on social networks.

Thus, as a result of operational measures, the founder and director of the company, Kerim Bashirzade, as well as his accomplice Taleh Aliyev, were detained. They illegally appropriated about 500,000 manat.

During the search, bank cards and other electronic evidence used in fraudulent activities were seized from the detainees.

A criminal case has been opened on this fact, and the court has chosen a preventive measure in the form of arrest for K. Bashirzade and T. Aliyev. Operational investigative measures are ongoing.

Citizens who have suffered from the illegal activities of First Zenit Capital are asked to contact the police.

“We urge citizens not to trust financial schemes without economic justification, as well as applications that promise exorbitant amounts under the guise of investments,” the department concluded.

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