New Discovery by the NSS

The employees of the Lori Regional Department of the National Security Service (NSS) of the Republic of Armenia have conducted targeted operational-investigative measures that led to the collection, analysis, and correlation of factual data regarding the activities of a company operating in Armenia. It has been uncovered that the co-founders of this company were aware that another business entity in Armenia was interested in acquiring the real estate of the former 'Elevator Construction Plant' LLC in Spitak, which had been put up for auction due to forced bankruptcy.

Contracts for the sale of a production facility and land plots with values of 99,635,200 AMD and 131,179,315 AMD were signed, resulting in the procurement of a facility with an area of 4,135.5 square meters along with its 0.28 hectares of land and another facility with an area of 9,766.2 square meters along with its 1.28 hectares of land.

The co-founders of the aforementioned organization, having reached preliminary agreements with the employees of the interested business entity using their authority within the organization and their relationships with management bodies, abused their trust and misled them into agreeing to sell the acquired real estate at inflated prices to their organization. Consequently, real estate sales contracts were signed, and property valued at 99,635,200 AMD was resold for 165,260,400 AMD, while property valued at 131,179,315 AMD was resold for 398,739,600 AMD, thereby fraudulently misappropriating a total of 334,185,485 AMD from the company.

Additionally, factual data has been received indicating that in 2017, the individual holding the position of the head of the Spitak community in Lori province granted permission for demolition without adhering to the legally established procedures and without coordinating with the relevant state authorities. As a result, the organization dismantled the buildings of the former 'Elevator Construction Plant' LLC in Spitak and relocated them elsewhere.

A criminal case has been initiated in the investigative department of the National Security Service based on the relevant articles of the Criminal Code of the Republic of Armenia, which has been sent to the Investigative Committee of the Republic of Armenia for further investigation.

Notice: A suspect or accused in the alleged crime is considered innocent until their guilt is established in accordance with the procedures set forth in the Criminal Procedure Code of the Republic of Armenia by a court ruling that has entered into legal force.