Yerevan Resident Charged with Fraudulently Embezzling Nearly $580,000

The Investigative Committee of Armenia has revealed that a resident of Yerevan has been charged with fraudulently embezzling a significant amount of money, totaling approximately $580,000, under the pretense of starting a business.

According to the findings of the investigation conducted by the regional investigative department of the Aragatsotn province, the individual, aware that an acquaintance living in Kuwait was financially secure, decided to exploit this knowledge to deceive him.

In 2013, the resident proposed to his acquaintance the establishment of a gas station in the village of Kosh, Aragatsotn province. After obtaining his acquaintance's consent and taking advantage of the trust he had placed in him, the Yerevan resident suggested founding a joint LLC and transferring funds from Kuwait to finance the construction work.

Subsequently, the acquaintance began transferring money to the account of the joint company. To conceal his fraudulent intent, the resident prepared false documents, presenting them to his acquaintance as legitimate property documentation for the jointly established LLC.

As a result, he fraudulently embezzled an amount equivalent to approximately 258,657,800 AMD, which is about $580,000. Based on sufficient evidence gathered, charges have been brought against him under Article 325 (forgery of documents, seals, stamps, certificates, and vehicle registration plates) and Article 178 (fraud) of the RA Criminal Code.

As a preventive measure, his travel has been restricted with a signature not to leave. The investigation is ongoing.