Mass fraud, luxury cars, and Rayhon’s $1.8 million house: The scandal behind Panorama Airways and Gulbakhor Airways

Kun.uz has reviewed the criminal indictment against officials of both Panorama Airways and Gulbakhor Airways. According to the indictment, an individual identified as A.F. is charged under various articles of Uzbekistan’s Criminal Code as the unofficial head of both companies.

Overview of Gulbakhor Airways LLC

According to the indictment, A.F., a 43-year-old individual, unofficially managed Gulbakhor Airways LLC and convinced 2,454 people in January and February 2024 to pay 24 billion 233 million UZS (approximately $2 million) for Umrah trips, without depositing the funds into the company’s official accounts, instead pocketing the money.

An audit of Gulbakhor Airways revealed that from November 2023 to February 2024, another 42 billion 654 million UZS was not entered into the company’s accounts, bringing the total hidden funds to 66.8 billion UZS.

A.F. also allegedly defrauded a business partner, collecting $286,000 from 381 individuals for Umrah trips scheduled for January 2024 but never delivering the services.

A.F. claims the debts arose from selling tickets at a discount and argues that the audit’s findings of 66 billion UZS in unreported funds are incorrect.

 Panorama Airways LLC

The case also involves Panorama Airways LLC. As a private airline, Panorama Airways received 1 trillion 97 billion UZS (approximately $90 million) in payments for tickets between April 2023 and February 2024. However, A.F. and his associates failed to report 669 billion 350 million UZS of this income.

The indictment further states that the accused evaded taxes, including 3 billion 296 million UZS in VAT and nearly 25 billion UZS in profit tax.

A.F. allegedly tried to launder the proceeds of his criminal activities by purchasing two Mercedes Benz vehicles worth $325,000 and $375,000, making an initial payment of $150,000. Additionally, he agreed to buy singer Rayhon Ganieva’s house in the Mirzo Ulugbek district of Tashkent for $1.8 million, paying her $600,000 as part of the deal. This is considered part of the money laundering activities, according to the indictment.

A.F.’s Defense

During questioning, A.F. denied the charges, stating that he had not committed any crimes. He admitted that while his wife and brother-in-law were the registered founders of Panorama Airways (established in 2021) and Gulbakhor Airways (established in 2022), respectively, he was the actual beneficiary of both companies.

A.F. said that in 2022, Panorama Airways received a certificate from the Civil Aviation Agency allowing it to operate flights. It started flying from Tashkent to Russian cities such as Moscow, Yekaterinburg, Kazan, Samara, Novosibirsk, Mineralnye Vody, and Sochi. However, between November 2022 and April 2023, the flights incurred losses, resulting in around $4 million in debt to Russian airports.

From May 2023, Panorama Airways started operating flights on the Tashkent-Medina, Namangan-Medina, and Tashkent-Jeddah routes. A.F. claims that by January 2024, he owed about $16 million to airports and service providers in Uzbekistan and Saudi Arabia. Due to unpaid debts, flights from Saudi Arabia to Uzbekistan were halted on January 22, 2024, leaving 3,931 people stranded in Saudi Arabia between January 25 and 31.

The Rayhon Ganieva House Incident

A.F. reached an agreement with singer Rayhon Ganieva to buy her house in Tashkent for $1.8 million, paying her $600,000 in installments. However, when the deal fell through, A.F. requested the return of his money, but Rayhon refused.

A.F. claimed that Rayhon threatened him and refused to return the money. He requested assistance in recovering the funds to repay citizens who had been defrauded by Gulbakhor Airways.

Rayhon Ganieva, when questioned, stated she had no problem returning the $600,000 but would only return $500,000. She explained that the initial payment of $300,000 was made in October 2023, after which A.F.’s relatives moved into the house. Ganieva added that she could not return the $500,000 until the house was sold to a new buyer.

Legal Proceedings

In addition to A.F., three other individuals are on trial for their roles in the case. According to Kun.uz sources, the case is being heard at the Mirabad District Court on Mondays, Wednesdays, and Fridays.

Background

At the beginning of 2024, thousands of Uzbek citizens who had traveled to Saudi Arabia for Umrah were stranded in Mecca and Medina for some time, unable to return. Later, it was revealed that thousands more had been scammed out of their money while trying to secure trips for Umrah. A criminal case was opened against officials of Panorama Airways, and one person has been placed under arrest.