Azerbaijani cyber police dismantle foreign-run financial pyramid scheme PHOTO / VIDEO

Azerbaijan's Main Department for Combating Cybercrime has dismantled the online financial pyramid scheme "Any Unboxing," which allegedly defrauded hundreds of citizens and caused losses amounting to millions of manats, according to the Azerbaijani Interior Ministry.

It said the investigation was launched following numerous complaints from citizens who reported losing money through the online platform, Caliber.Az reports.

Investigators found that the organisers and operators of the scheme recruited participants through online groups and encouraged them to join the platform.

Participants were sold virtual boxes at varying prices and were promised unrealistic daily earnings for opening them.

Although the virtual profits generated by users appeared in their profiles within the "Any Unboxing" application, the ministry said the funds did not actually exist.

The scheme also offered bonuses to users who recruited new participants to the platform.

As a result, more than 300 Azerbaijani citizens were drawn into the fraudulent online pyramid scheme, with each suffering financial losses.

Police identified the alleged organisers as Malaysian nationals Lee Kai Fatt, 38, and Ravi Sivadass, 34. Their alleged accomplices were identified as Arzu Musayeva, 34, and Sabuhi Mammadov, 30.

Ravi Sivadass, Arzu Musayeva and Sabuhi Mammadov have been detained, while Lee Kai Fatt has been placed on an international wanted list.

The victims are estimated to have suffered total losses of approximately 2.5 million manats ($1.4 million).

A criminal case has been opened and the investigation is ongoing.

The Azerbaijani Interior Ministry once again urged citizens not to trust financial pyramid schemes encountered on online platforms.

By Bakhtiyar Abbasov