A large-scale embezzlement case involving an estimated $500 million allegedly funneled through Banque Internationale à Luxembourg (BIL) is under investigation.

Millions were allegedly stolen from an Azerbaijani bank and funneled into ventures including real estate investments, with some funds potentially passing through Luxembourg via a Luxembourgish bank, the Banque internationale à Luxembourg (BIL).

The embezzlement reportedly occurred between 2005 and 2015, with an estimated $500 million passing through an account at Banque Internationale à Luxembourg (BIL), according to documents presented in a London court. The case was first reported by the weekly "Lëtzebuerger Land", which collaborated with other international media outlets on the investigation.

A central figure in this case is Khagani Bashirov, who worked for Jahangir Hajiyev, the former president of the International Bank of Azerbaijan, currently imprisoned for embezzling over $3.5 billion.

Bashirov is alleged to have created companies in Luxembourg to open BIL accounts, and in 2020, BIL was fined €4.6 million by Luxembourg’s financial regulator, the Financial Sector Supervisory Commission (CSSF), for inadequate anti-money laundering controls.

Bashirov also established a cultural association and the Luxembourg-Azerbaijan Chamber of Commerce and was reportedly well-connected with local politicians and diplomats. He has been under investigation in Luxembourg since 2019 and was charged in October with offences including money laundering. However, he remains innocent until proven guilty.