Urgent Developments in Offshore Case: NSS Charges Kchoyan

On April 13, 2020, the National Security Service (NSS) of Armenia filed charges against the deputy leader of one of the dioceses of the Armenian Apostolic Church, following extensive investigative and operational measures conducted by the NSS Investigation Department.

According to the obtained factual data, the accused conspired in the summer of 2010 with a person with whom he had a godfather-godson relationship. They allegedly defrauded a businessman by claiming that by investing $12,000,000 in diamond mines belonging to him in Africa, they could increase productivity, process the mined diamond raw materials in the Republic of Armenia, and sell them.

The defendant persuaded the businessman to carry out the aforementioned investment and subsequently acquired rights to several immovable properties worth a total of 11,442,068,000 AMD belonging to him and his relatives. This was done by using these properties as collateral to obtain credit resources equivalent to 9 million USD and 361,500,000 AMD through the Armenian commercial bank between June 28, 2010, and June 27, 2011. They concealed and distorted the origin, movement, and ownership of these funds through various banking and commercial transactions, transfers, and conversions.

To launder the illegally obtained income, a company was established in an offshore zone in the spring of 2010, 33% of which belonged to the aforementioned church servant. After these criminal acts were exposed, during 2013, the religious figure allegedly convinced the accomplice, who was on the run, to take full responsibility while also engaging in activities to falsify or destroy evidence of their participation in the crime.

As a measure of restraint, a signed agreement not to leave has been imposed on the defendant. The pre-trial investigation continues, and efforts are underway to identify all individuals involved in the commission of these crimes and hold them accountable, as well as to recover the damages incurred.