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Charge Pressed against Executive Director of Youth Foundation of Armenia for Laundering and Squandering Money in Particularly Large Amount; Preliminary Investigation Completed

30.04.2019 09:37

Preliminary investigation of the criminal case initiated on laundering and squandering money in particularly large amount committed by the executive director of Youth Foundation of Armenia was completed in the Division of Investigation of Grave Crimes of Yerevan Investigative Department of the RA Investigative Committee.

It was earlier informed that on May 25, 2018 the application of NA Deputy, member of Board of Trustees of Youth Foundation Karen Avagyan was received in the RA Investigative Committee informing that on April 6 the executive director of the RA Youth Foundation signed a loan agreement for 326.000.000 AMD with himself in the name of the mentioned foundation.

On the base of the application materials were prepared and on the base of their results a criminal case was initiated according to the Point 1 of the Part 3 of the Article 179 of RA Criminal Code.

In the result of investigatory actions of great volume conducted during preliminary investigation the mechanism of squandering and laundering money was found out.

Pursuant to data obtained during pretrial proceeding the executive director of RA Youth Foundation, holding the mentioned position from 2010, having an authority to manage the property and financial means of the foundation, during his activity swindled money in particularly large amount by squandering from the foundation from April 29, 2013 to May 22, 2018.

Through investigation data were also obtained on the allegation that with the purpose of concealing the criminal origin of the mentioned money in particularly large amount 226.464.209 AMD swindled apparently, legitimized it by applying criminal mechanisms and schemes, by transferring from one account to another.

Particularly, from 14.05.2013 – to 15.03.2018 the executive director of the foundation transferred the mentioned money to the LLC accounts registered in his mother’s name. Then from 15.05.2013 to 29.12.2016 539.332 USD was transferred to the accounts of one of the company operating in Great Britain after which from 14.05.2013 to 30.12.2016 490.583 USD was transferred to the Armenian account of the executive director’s wife, then from 14.05.2013 to 30.12.2016 477.485 USD was transferred to the account of the executive director which was used by the latter for his personal needs by cashing and bank transfer.

On the base of the obtained sufficient evidence charge was pressed against the executive director of Youth Foundation of Armenia according to the Point 1 of the Part 3 of the Article 179 and the Point 1 of the Part 3 of the Article 190 of RA Criminal Code. Detention was chosen as a pretrial measure against him. A decision was made to seize the property belonging to him.

Preliminary investigation was completed and the criminal case with the bill of indictment was sent to court.


Note; Everyone charged with alleged crime offence shall be presumed innocent until proved guilty according to law.


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