The Mahmudov brothers’ thriving Mallorca portfolio has drawn the attention of a Palma court amid alleged money laundering charges. Beginning in 2010 they acquired at least 60 properties across the island valued at more than €50 million, according to the Balearic Anti-Corruption Prosecutor’s Office. To purchase these properties they allegedly used shell companies to mask the source of funds and obscure ownership. In total, they acquired 23 properties in Valldemossa, 22 in Calvià, and 15 in Palma.
The wealth they amassed includes exclusive storefronts on a premier shopping street, luxury villas in prestigious coastal developments, and even a landmark building listed as a cultural heritage site in central Palma. All these assets carry eye-watering price tags, multi-million figures such as a property in Peguera paid at nearly nine million euros.
Several of the properties were paid through bank transfers charged to a Riga, Latvia account opened by Anar, the eldest brother, with ownership registered to Sinalco Investments Limited, a company based in the Seychelles. Since the start of this year, the European Union has removed Seychelles from its blacklist of non-cooperative tax havens.
Regulars on Mallorca’s Summer Scene
The Azeri family at the heart of the investigation remains deeply tied to Mallorca. The Mahmudovs are known summer regulars on the island, vacationing there for years. They are commonly seen along the Calvià coast, frequenting spots like Santa Ponça, Puerto Portals, and Port Adriano. Those close to the family describe them as discreet in public life.
Among the real estate transactions highlighted by the public prosecutor are two deals led by Anar Mahmudov, the eldest brother. In mid‑November 2011 he acquired two ground-floor shops on Avenida Alexandre Rosselló, Palma 13, for three million euros. Most of the money was paid via a transfer from a Riga-based account opened days earlier. The account lists Sinalco Investments Limited, domiciled in the Seychelles, as the holder.
Years later, in April 2014, the elder brother bought six properties totaling around one million euros in the Sol de Mallorca urbanization, Calvià. The payment was made through four transfers from Anar’s Latvia account.
Their sister Khuraman Mahmudova participated in June 2012 by purchasing two properties in Palma for nearly four and a half million euros. These include two storefronts, one located on the ground floor of 27 A Alexandre Rosselló, a 206‑square‑meter space priced at four million euros, and another on the Can Saretas block with a 101‑square‑meter area, bought for 444,960 euros.
The woman paid for the two properties with transfers from a Latvia account tied to Sinalco Investments, registered in the Seychelles.
Finally, the youngest sister, Nargiz Mahmudova, bought a property listed as a Bien de Interés Cultural for €4.1 million. Part of the payment came from a Latvia transfer linked to the Seychelles‑based company, while the bulk of the funds was provided through three nominative cheques drawn on a Portals Nous account held in Nargiz’s name and funded by transfers from her brother Anar, according to the anti‑corruption prosecutor. The emblematic property sits in the Can Casasayas building, just steps from the Balearic High Court.
These details illustrate the scale of the holdings and the cross‑border financial moves currently under investigation.
Continue reading to see more details about this high‑stakes case.