Ex-head of Agrarkredit Mamed Musaev faces case over misappropriation of 100 million manat loans

In Azerbaijan, it emerged that a group of entrepreneurs received a large loan from the state non-bank credit organization (NCO) CJSC Agrarkredit under the pretext of developing agriculture.

As the website 1news.az reports, citing Qafqazinfo, the Main Directorate for Combating Organized Crime of the Ministry of Internal Affairs (MIA) conducted a special operation regarding this offense.

As a result of the operation, the director of Shurabad Gushchulug LLC Fuad Suleymanov, the director of Shurabad Broiler Tofiq Musaev, the legal representative of Salyansud LLC Fazil Rustamov, as well as their accomplices Faiq Rustamov, Suleyman Ismayilov and Yashar Gurbanov were detained.

According to the initial charges, the heads of the indicated companies received a total of more than 100 million manats from Agrarkredit CJSC under the guise of financing agricultural activities. However, during the investigation it was established that the funds were not used for their intended purpose and were spent on personal needs instead of the agrarian sector.

The accused have been charged under Article 178.4 (fraud causing damage on an especially large scale) of the Criminal Code of the Republic of Azerbaijan. By court decision, each of them has been placed in pretrial detention for a period of 4 months.

The Main Directorate for Combating Organized Crime is also conducting criminal proceedings against the former head of Agrarkredit CJSC, president of the Confederation of Entrepreneurs of Azerbaijan Mamed Musaev. According to the investigation materials, the now-arrested individuals committed fraud on an especially large scale in a preliminary conspiracy with M. Musaev. Some of them are close relatives and associates of the president of the Confederation: Tofiq Musaev is his nephew, and Fazil Rustamov worked as Musaev's deputy.

It should be noted that Agrarkredit CJSC (NCO) is a financial organization 100% owned by the state. The main goal of the CJSC is to finance business entities, especially businesses in the regions, and to issue preferential loans. From the founding of Agrarkredit in 2001 until 2025, its head was Mamed Musaev. He was relieved of his position some time after Sahil Babayev was appointed minister of finance.