Azerbaijan’s SOCAR Targeted in Online Scams: Fraudulent Schemes Promise Big Earnings with President Aliyev’s Impersonation

SOCAR, the State Oil Company of Azerbaijan, has become a target for a series of financial scams and schemes that promise quick and substantial earnings. Unsuspecting citizens are put at risk due to these fraudulent activities, which have persisted since 2022.

Fake Advertisements and President Aliyev’s Impersonation

The latest iteration of these fraudulent schemes involves fake advertisements on social media platforms, impersonating SOCAR and enticing citizens with promises of hefty annual dividends and employment opportunities. In some cases, videos featuring an uncanny imitation of President Ilham Aliyev’s voice urge users to invest.

Exploitation of SOCAR’s Name Beyond Azerbaijan’s Borders

The fraudulent trend doesn’t stop at Azerbaijan’s borders. Scammers have targeted citizens in Ukraine and Moldova, promising lucrative investments in local subsidiaries or profitable trading platforms under false pretenses. In Ukraine, SOCAR’s name was exploited to launch a bogus local subsidiary, while in Moldova, scammers impersonated Moldova Agroindbank to lure citizens into joining their supposed trading platform.

Scams in Ukraine: A bogus SOCAR local subsidiary was launched
Scams in Moldova: Moldova Agroindbank was impersonated to lure citizens into a supposed trading platform

Authorities in both countries have issued warnings and urged citizens to exercise caution, reminding them to verify the authenticity of investment schemes before parting with their money.

Deceptive Scams: Fake Websites and Voice-faking Technology

Fake websites like socar.space and defunct companies such as SOCAR Invest have been identified as sources of misleading advertisements. A recent study by SmartGuide unveiled a pattern of deceit, where users initially make a profit but are later coerced into sending larger sums, restricting their access. The prevalence of voice-faking technology further amplifies the danger, allowing scammers to convincingly imitate authoritative figures or even family members, increasing the vulnerability of unsuspecting victims.

Stable and Lucrative Investment: SOCAR Bonds

Amidst the rising tide of financial scams, SOCAR’s bonds continue to deliver profits. The recent announcement of a 9th coupon payment on February 1, totaling over 9 million US dollars, underscores the company’s commitment to financial obligations. With a substantial profit of 9 million US dollars from the 8th coupon payment on November 1, 2023, SOCAR bonds are the most invested securities on the Baku Stock Exchange.

Consistent Performance: SOCAR bonds continue to deliver profits despite fraudulent activities targeting SOCAR’s reputation
Highest Volume of Transactions: Over 600 closed transactions make SOCAR bonds the most traded corporate financial instrument

Strong Market Presence

SOCAR bonds have shown remarkable resilience and high demand, with a transaction volume of 40 million US dollars on the secondary market. SOCAR bonds remain a stable and lucrative investment option, with liquidity and consistent performance:

Accessibility: Available at ASAN Service Centers and registered investment firms in Azerbaijan
Remarkable Resilience: Maintain nominal value despite fraudulent activities targeting SOCAR’s reputation.