SOCAR Faces Persistent Threat from Fake Investment Schemes
Fraudsters Exploit SOCAR's Name in Online Scams
SOCAR, the State Oil Company of Azerbaijan, remains under siege from fraudulent online schemes promising quick and substantial earnings. Fake advertisements circulating on social networks impersonate SOCAR, enticing citizens with promises of hefty annual dividends and employment opportunities. The scams, which have persisted since 2022, now involve videos featuring an uncanny imitation of President Ilham Aliyev's voice, urging users to invest. SOCAR vehemently disavows these fraudulent activities and urges citizens to stay vigilant, emphasizing that the company is not accountable for the scammers' false promises.
International Reach of Scams Raises Concerns
The fraudulent trend extends beyond Azerbaijan, with scammers targeting citizens in Ukraine and Moldova. In Ukraine, citizens were duped into investing in a purported local subsidiary of SOCAR, while in Moldova, a bank, Moldova Agroindbank, faced impersonation as scammers claimed it had launched a profitable trading platform. Authorities in both countries issued warnings and urged caution, emphasizing the need for citizens to verify the authenticity of such schemes.
Uncovering the Sophistication of Deceptive Tactics
Fraudulent sites like socar.space and defunct companies like SOCAR Invest have been identified as origins for misleading advertisements. A study by SmartGuide reveals a deceptive pattern, where users initially profit but are later coerced into sending larger sums, leading to restricted access. The prevalence of voice-faking technology further complicates matters, with scammers able to mimic authoritative figures or even family members, amplifying the risk to unsuspecting victims.
SOCAR Bonds Continue to Deliver Profits
Amidst the challenges posed by fraudulent activities, SOCAR's financial instruments, particularly its bonds, continue to thrive. The recent announcement of the 9th coupon payment on February 1 highlights the company's commitment to its financial obligations. Bondholders received a substantial profit of 9 million US dollars from the 8th coupon payment on November 1, 2023, making SOCAR bonds the most invested securities on the Baku Stock Exchange.
SOCAR Bonds Maintain Strong Market Presence
SOCAR bonds have demonstrated resilience and high demand, reaching a transaction volume of 40 million US dollars on the secondary market. With 600 closed transactions, SOCAR bonds remain the most traded corporate financial instrument, underscoring their liquidity and consistent performance. The bonds, available at ASAN Service Centers and registered investment firms in Azerbaijan, have not dipped below their nominal value, providing investors with a stable and lucrative option.
Social
-
Recently, public attention has been drawn to a situation surrounding the new Victory Monument commemorating the Karabakh War, which was inaugurated on November 8, 2024, in Baku. Renowned Azerbaijani architect and researcher of historical architectural artifacts, Elchin Aliyev, faced unexpected resistance from plainclothes individuals when attempting to photograph the monument's details.
-
Weather will be changeable in the capital on Friday. Precipitation is possible in places at night. Moderate southwestern wind, which will turn into northwestern one in the evening. Air temperature is +10+12 at night, +13+17 during the day. Humidity is 70-80%.
-
A coalition of 159 professors and academics from 100 universities across 28 countries has urged Azerbaijan’s Minister of Ecology and Natural Resources, and COP29 President, Mukhtar Babayev, to advocate for the release of Dr. Gubad Ibadoghlu, an academic economist and environmental activist who has been under indefinite house arrest since July 2023.
-
The United States Embassy in Azerbaijan is pleased to share that 1,130 Azerbaijanis studied in the United States during the 2023-2024 academic year – a 25.4 percent increase from the previous year. At a special event today hosted by the U.S. Embassy at the COP29 Information Point Bulvar to honor Azerbaijani youth involvement in climate action, U.S. Ambassador Mark Libby stated, "It is clear that Azerbaijanis who set their sights on studying in the United States are increasingly successful in realizing their dreams. The U.S. is the most attractive study destination for students from around the world. More than 1.1 million international students from 210 countries and regions studied there last year.”
Leave a review