Within the framework of the criminal proceeding regarding the abuse of official authority in the private sector, resulting in the infliction of property damage in particularly large amount to a closed joint-stock company, embezzlement of entrusted property in particularly large amount, and money laundering in particularly large amount, investigated in General Department for Investigation of Economic Crimes and Smuggling of the RA Investigative Committee, the investigators of the investigative group together with the officers of the RA National Security Service, RA Ministry of Internal Affairs, and the RA State Revenue Committee, are conducting simultaneous searches in 65 apartments and at the addresses of the companies' operations.

As a result of large-scale investigative actions conducted within the framework of the criminal proceeding, as well as information received from the RA National Security Service, RA Ministry of Internal Affairs, and the RA State Revenue Committee, actual data were obtained on the allegation that under the organization of S.K., between 2016 and 2024 several individuals committed four separate counts involving abuse of official authority in the private sector, embezzlement of entrusted property in particularly large amount, and money laundering in particularly large amount.

Particularly, the members of the criminal group operating under the organization and leadership of S.K., including certain members of the Board of Directors of “Electric Networks of Armenia” CJSC, the Company’s Chief Executive Officer and Deputy Chief Executive Officer, as well as other responsible officials, acting with the intent to embezzle property in particularly large amount belonging to the Company, abused their authority to manage the Company’s day-to-day operations, as provided for under its Charter. The abuse involved obtaining loans in amounts exceeding the Company’s actual operational needs and subsequently unjustifiably distributing funds in the form of dividends to the Company’s shareholders, as well as granting loans and advance payments to affiliated entities connected with the Company and its responsible officials, and to other organizations. As a result, pursuant to their pre-existing criminal intent, during 2024–2025 the group members embezzled the Company’s property and, through unlawful means, withdrew a total of 23 billion 158 million 169 thousand 029 AMD from the Company out of the borrowed funds. This amount was distributed as dividends to “Liormand Holdings Limited” and “Tashir Capital” CJSC, shareholders of “Electric Networks of Armenia” CJSC.  As a result of these actions, the Company sustained damage in particularly large amounts of 36 billion 981 million 660 thousand AMD, 23 billion 158 million 169 thousand 029 AMD, and 4 billion 445 million 950 thousand 995 AMD, totaling 64 billion 585 million 780 thousand 24 AMD.  

Subsequently, for the purpose of legalizing the financial assets obtained as a result of the aforementioned criminal activities, the executive directors of more than a dozen affiliated companies, acting under the organization and leadership of S.K., concealed the criminal origin of the embezzled funds by creating the appearance that particularly large amounts of financial resources were being circulated within the framework of civil-law and corporate relationships. They converted and commingled the embezzled funds with their other income, thereby concealing the true nature and origin of the property and financial assets obtained through criminal means and giving them an appearance of legality. In doing so, they committed money laundering and effectively obtained criminal proceeds.

For committing the aforementioned acts, based on the investigator’s motion, a decision was made by the supervising prosecutor to initiate public criminal prosecution against 36 individuals according to the Points 2 and 3 of the Part 2 of the Article 46-277 (4 counts), the Point 3 of the Part 3 of the Article 46-256 (2 counts), and the Points 2 and 3 of the Part 3 of the Article 296 of RA Criminal Code. 

A decision on the mentioned individuals’ arrest was made by the investigator, the implementation of which was assigned to the Police. 

Preliminary investigation of the criminal proceeding is ongoing.