VIDEO: 37 Million Dram Embezzled in Apartment Elevators Renovation in Kapan

The main department for combating organized crime of the Police of the Republic of Armenia, in cooperation with the regional departments of Syunik and the Kapan division, has revealed that in 2012, a contract was signed between the Kapan municipality, Zangezur Copper Molybdenum Combine, and Euro Elevator LLC. According to this agreement, the company was supposed to carry out major renovations of 28 elevators in Kapan’s apartment buildings, but the work was inadequately performed, and the funds were embezzled.

Specifically, preliminary data indicates that out of the total contract amount of 77,774,000 drams, the director of Euro Elevator LLC, with the intention of committing particularly large-scale theft and having prearranged support from a private individual involved in concluding the contract, actually did not perform the entire volume of work stipulated in the agreement and embezzled around 37 million drams.

Moreover, officials from the Kapan municipal community, driven by personal interests and misusing their official position against the interests of the service, signed a trilateral agreement without announcing a legal tender and subsequently accepted the work that had not been completed in reality. This has led to serious consequences for both the Kapan municipal community and Zangezur Copper Molybdenum Combine.

A criminal case has been initiated.

The investigation is ongoing.