VIDEO: Bank Branch Manager Embezzles $618,000

The investigation department of the Investigative Committee of Armenia's Gegharkunik region has completed the preliminary investigation of a criminal case regarding the embezzlement of large sums by a bank branch manager through the use of forged documents, along with the abuse of power by an employee of the organization.

The Investigative Committee has reported that through necessary measures taken during the pre-trial proceedings, substantial circumstances of the case, including the mechanism of embezzlement, have been clarified.

The investigation revealed and substantiated that the manager of the 'Martuni' branch of one of the banks operating in Armenia, with a unified intent, misused his managerial authority against the interests of the organization, but for his own benefit, by preparing and using false cash withdrawal orders, gradually withdrawing and embezzling a total of $618,000 from citizens' deposits made at the bank branch between 2017 and 2020. This act resulted in significant property damage to the bank, depriving it of its ability to fulfill its obligations.

Based on a sufficient combination of evidence, the manager has been charged under Article 179, Part 3, Clause 1; Article 214, Clause 2; and Article 325, Clause 1 of the Criminal Code of Armenia, and a measure of restraint in the form of a signature not to leave has been applied to him. Furthermore, a ban has been placed on the manager's property by the prosecuting body.

The preliminary investigation has been completed, and the criminal case has been sent to court with an accusatory conclusion.