The Main Directorate for Combating Cybercrime of the Ministry of Internal Affairs of the Republic of Azerbaijan (MIA) has carried out an operation related to online financial pyramids, the MIA Press Service said, APA reports that.
Online pyramid fraud system that shares posts on social media
The MIA's Main Directorate for Combating Cybercrime received numerous complaints that "First Zenit Capital", which was operating under the guise of an investment company, seizes money from various individuals promising to circulate funds on the international e-commerce portal Shopify.
Investigations revealed that the company was not engaged in investment projects, but instead operated on the basis of an electronic pyramid fraud system promising high profits to deceive people. For this purpose, advertisements for the "First Zenit Capital" company were regularly shared on social media with enticing offers.
Who are the arrested individuals?
During the operation, Karim Bashirzade, the founder-director of the company, and Taleh Alizade, who was involved in these illegal activities, were identified and detained.
Half a million profits
Investigations revealed that they had seized nearly 500,000 AZN from victims through this method. Bank cards and other electronic evidence used in the fraudulent activities were found and seized from the detained individuals.
A criminal case has been initiated under the relevant articles of the Criminal Code at the Main Directorate. Preventive measure has been selected about K.Bashirzade and T.Alizade by the court’s decision, and operational and technical measures are ongoing.
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