NCA reveals Luxembourg bank's role in moving embezzled Azerbaijani funds into British real estate.

The UK's National Crime Agency reveals Luxembourg bank's central role in moving embezzled Azerbaijani funds into luxury British real estate, including A £14M London townhouse and a Berkshire golf club.

Here’s a brief overview:

• Between 2005 and 2015, an estimated $500 million was allegedly embezzled from the International Bank of Azerbaijan and funnelled through Banque Internationale à Luxembourg [BIL].
• The funds were used to purchase high-end properties in the UK, among other investments.
• 🏰 £14M London townhouse
• ⛳️ Berkshire Golf Club
• A key figure in this case is KHAGANI BASHIROV, who worked for Jahangir Hajiyev, the former president of the International Bank of Azerbaijan.
• • Bashirov is accused of setting up companies in Luxembourg to facilitate the movement of the funds. In 2020, BIL was fined €4.6 million by Luxembourg’s financial regulator for inadequate anti-money laundering controls.
• According to NCA evidence presented to London's High Court:
• At least £175M moved through VES Consultancy's accounts at the Luxembourg bank (2011-2015)
• The funds were allegedly part of a $3.5B embezzlement scheme at International Bank of Azerbaijan
• Complex network of shell companies across Luxembourg, BVI & other jurisdictions used to obscure money trail

Key player

• Khagani Bashirov, who controlled the accounts, faces money laundering charges in Luxembourg.
• He claims bankers approved all transactions: "If a banker forbids a transaction, I won't do it."

REVEALED: How billions were allegedly moved from Azerbaijan to luxury UK properties through Luxembourg banking system - new investigation uncovers complex money trail:

1. STEP ONE - AZERBAIJAN
1. International Bank of Azerbaijan's Moscow branch issued loans to shell companies.
2. These loans were officially for "investments" but were never repaid.
3. Some investments were later found to be non-existent.
2. STEP TWO - SHELL COMPANIES
1. Key company: VES Consultancy, controlled by Khagani Bashirov
2. Money moved through multiple jurisdictions.
3. Network included firms in the British Virgin Islands, Luxembourg, Guernsey, Cyprus
3. STEP THREE - LUXEMBOURG
1. Banque Internationale à Luxembourg accounts received funds.
2. At least $175M moved through VES accounts (2011-2015)
3. Bank provided a "legitimacy layer" for transfers.
4. FINAL STEP - UK PROPERTIES - Example: Mill Ride Golf Club (£10.7M) purchase:
1. 2024 - https://www.comsuregroup.com/news/guernsey-linked-to-zamira-hajiyeva-s-10-million-golf-course-named-in-the-uk-nca-civil-recovery-action/
2. 2020 - https://www.comsuregroup.com/news/guernsey-linked-to-jahangir-hajiyev-and-his-wife-zamira-and-an-ascot-golf-course/
3. Money passed through 3 Luxembourg companies.
4. The complex structure of offshore trusts, including Guernsey, was used.
5. Ownership made "deliberately complex" to hide actual owners.
5. Red flags: 🚩
1. Fake loan agreements used to justify transfers.
2. No repayment plans in place
3. Multiple jurisdictions used for single transactions.
4. Complex ownership structures

Result:

• The properties have now been forfeited in the UK's first-ever successful Unexplained Wealth Order case against Zamira Hajiyeva, wife of jailed former Azerbaijan state banker Jahangir Hajiyev.

Source:

1. How millions of dollars were embezzled in Luxembourg from Azerbaijan - RTL. https://today.rtl.lu/news/luxembourg/a/2249227.html.
2. A businessman is laundering Azerbaijan funds through .... https://www.comsuregroup.com/news/a-businessman-is-charged-with-laundering-azerbaijan-funds-through-luxembourg-bank/.
3. CSSF issues BIL with hefty fine | Paperjam English News. https://en.paperjam.lu/article/delano_cssf-issues-bil-hefty-fine.
4. OCCRP = https://www.occrp.org/en/investigation/luxembourg-bank-central-to-purchase-of-high-end-real-estate-with-embezzled-azerbaijan-funds-uk-police-say.
5. Forbidden stories = https://forbiddenstories.org/the-villa-the-businessman-and-the-stolen-millions-from-the-french-riviera-to-luxembourg-revelations-on-azerbaijans-ill-gotten-gains/.
6. 2024 - https://www.comsuregroup.com/news/guernsey-linked-to-zamira-hajiyeva-s-10-million-golf-course-named-in-the-uk-nca-civil-recovery-action/
7. 2020 - https://www.comsuregroup.com/news/guernsey-linked-to-jahangir-hajiyev-and-his-wife-zamira-and-an-ascot-golf-course/