Details emerge of detention of Azerbaijani bank’s former senior official

# 10:28
22 June 2018

Details have emerged of the detention of Emin Zeynalov, former deputy chairman of Gunay Bank.


APA has learned that Emin Zeynalov, accused of embezzling 100 million manats, has in fact embezzled no more than 3 million manats from the bank and was dismissed for this reason shortly after.


According to other information, Zeynalov were involved in currency exchange on “black market” with a great deal of funds, creating ‘illegal money circulation scheme’ and embezzled millions of manats in this way.


Media reports that Zeynalov has fled the country and is wanted have not been verified.


According to, law enforcement was appealed to after Zeynalov did not return the money he had embezzled before being dismissed. Shortly after, Zeynalov was detained by the Interior Ministry’s Main Directorate for Combating Organized Crime.


Neither the Interior Ministry nor other law enforcement agencies have issued any statement in this regard.


Nevertheless, reports that Zeynalov embezzled a large amount of money from the bank are refuted by both Gunay Bank and the Financial Markets Supervisory Authority.


Speaking to Qafqazinfo portal, Chairman of Gunay Bank’s Supervisory Board Mahmud Mammadov dismissed the allegations as unfounded.


Mammadov noted that Zeynalov had debt obligations to his business partners outside of the bank.


 "I dismissed him as soon as I was informed about this issue. However, reports of his departure are groundless,” he added.


Elshan Allahverdiyev, spokesman for the Azerbaijan Financial Markets Supervisory Authority, told APA-Economics that reports on Zeynalov’s departure abroad after embezzling $100 million are unfounded.


Zeynalov is also the executive director of the Baku Languages ​​and Business School operating in Baku.