VIDEO: Loan Organization Manager Signed Deposit Contracts and Embezzled Nearly $1 Million

The Main Directorate for the Fight Against Organized Crime of the RA Police, in conjunction with the Department for Combatting Corruption and Economic Crimes, has uncovered a case regarding Vahram Ghazaryan, the manager of the Sevan branch of the ‘Parvana-Credit’ universal loan organization. Between 2015 and 2018, abusing the trust of approximately 40-50 individuals he deceived by fraudulently signing loan agreements under the pretext of making deposits in the loan organization, he embezzled nearly $1,000,000, promising various levels of monthly profitability.

Additionally, it has been revealed that between 2018 and 2019, he forged collateral agreements in the names of several citizens and entered misleading information into the loan organization’s program, embezzling over 8,000,000 AMD from the cash register of the Sevan branch of ‘Parvana-Credit’.

A criminal case has been initiated at the Department for Combatting Corruption and Economic Crimes of the RA Police on the grounds of large-scale embezzlement by fraud and forgery of documents. The criminal case has been forwarded to the Investigative Committee of the RA for further investigation.

There are suspicions that other citizens may also have been victims of Vahram Ghazaryan’s activities, and they are encouraged to contact the Sevan police department or nearby precincts.