New Criminal Case Initiated Regarding Activities of 'Onyxum' - Hetq

The National Security Service (NSS) announced this morning that a case has been opened concerning the establishment, management, and involvement of substantial financial resources in a branch of a financial pyramid scheme. This was reported by Hetq.

However, the NSS did not mention which organization was implicated in its statement. Hetq clarified with the Prosecutor's Office's public relations department that the focus is on the company 'Onyxum,' which was covered by the media last December.

The owner of 'Onyxum' is Mohamad Farid Zaem Zadeh, an Iranian based in Canada, whose business is expanding in Armenia through Armenian so-called 'leaders.'

According to a statement from the NSS, a group of citizens in Armenia aimed to expand the operations of an organization providing tourism services through an online platform exhibiting characteristics typical of a financial pyramid registered abroad. From November 2018, they promoted the potential of earning income in exchange for payments for the organization's services during various conversations and training sessions.

As a result, these individuals convinced many citizens of Armenia to participate in the organization's 'business program' and effectively established and managed a branch of the financial pyramid with the premise of involving particularly large sums of money. The material benefits for the participants were solely contingent upon the funds received from attracting new investors.

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