Nairi Insurance Caused Nearly 200 Million AMD Damage to the State, Reports the State Revenue Committee

According to preliminary calculations, Nairi Insurance LLC has caused approximately 200 million AMD in damage to the state. This was reported by the State Revenue Committee.

“As part of a collaboration between law enforcement agencies, the investigative department of the State Revenue Committee and employees of the Main Directorate for Combating Organized Crime of the Police have uncovered a case of significant tax evasion,” the statement notes.

It has been revealed that during 2016-2017, the leaders of Nairi Insurance LLC artificially formed insurance contracts under the names of various individuals acting as insurance intermediaries with beneficiaries, and issued insurance commissions in return.

The individual entrepreneurs acting as insurance intermediaries were former employees of Nairi Insurance LLC, as well as other individuals connected to the company, who did not actually engage in insurance intermediary activities. However, significant amounts of money were transferred under their names as commissions for signing insurance policies.

As a result, the amounts transferred as commissions were included by Nairi Insurance LLC in the expense category of tax calculations submitted to the tax authority for the reporting years 2016-2017. This reduced the taxable profit by the amount of the said funds, which has led to an estimated approximate damage of nearly 200 million AMD to the state (excluding penalties and fines).

A criminal case has been initiated. The investigation is ongoing, and necessary measures are being taken to clarify the circle of individuals allegedly involved in the crime, establish the final amount of damage caused to the state, and restore the state budget.